Jake Banks | 15 Nov 2018

Hard Rock CasinoIf the unnamed informants cited by popular Vegas-focused blog, Vital Vegas, have their stories straight, then Hard Rock International may soon be the proud new owners of the famous Cosmopolitan hotel and resort in Las Vegas. The property was purchased by equity group Blackstone for $1.7 billion back in 2014, and if the reports of Hard Rock having entered a due diligence process with the view of making a purchase offer are correct, the hotel and resort may be changing hands again in the near future.

The information released by the blog on social media pages, also offers an explanation as to the apparent delays in the acquisition deal. According to speculations, the delays are being caused by issues experienced with worker unions that are involved with The Cosmopolitan. Many rumours are doing the rounds, with some claiming that the hotel is in the process of making major amendments to its credit lines as well as laying off various workers at the property, all in order to cut expenses and make a potential purchase deal more attractive to buyers.

A Property In Demand

If anything, and despite the unpleasant situation with labour unions, the hotel is more beautiful than ever and is any investor’s dream. All of its rooms have been remodelled and now feature modern-day works of art, improved lighting and user-friendly state of the art technology. The hotel is home to 3,000 rooms in total, and the hotel and resort is situated on an 8.7 acre stretch of prime property, which is located on the Strip between the legendary Bellagio and CityCenter.

Owners of the Bellagio, MGM, also showed interest in acquiring the world-famous venue.

Las Vegas And Beyond

Florida-based Hard Rock’s interest in the property isn’t as surprising as what one may think. The group has after all been considering purchasing a property on the glitzy and glamorous Vegas Strip for quite some time now. Moreover, it has been on a relentless quest to extend its geographical footprint overall, hence its bid for a Japanese gaming licence. In addition to its interest in Japan, the company also entered a successful bid in order to commence with the development of an integrated resort in Tarragona, Spain.             

Moreover, the group has apparently also applied for permission to develop a casino resort along Australia’s fabled Gold Coast.

Sources:

http://www.casinonewsdaily.com/