Employees at one of the Las Vegas Strip’s most prominent hotels got quite a surprise from their outgoing owner.
Blackstone, the real estate conglomerate that has owned the Cosmopolitan since 2014, gathered many of the 5,400 workers in the hotel’s theater for an all-hands meeting.
These semi-regular events usually recognize a standout employee who is honored with a $5,000 cash reward.
So, when employees showed up this month and it was time to reveal the latest name, hotel-casino CEO Bill McBeath announced the winner was everyone.
With purple confetti flying throughout the theater and Bruno Mars playing on the speakers, McBeath revealed that every single employee was getting a $5,000 bonus.
As Oprah might say, “You get $5,000, and you get $5,000, and you get $5,000.”
That is a $27 million commitment to employees, the company said, noting it comes in appreciation for helping get the hotel through the closures, reopening, and protocols from the pandemic.
“We know that none of that would have been possible without the hard work and dedication of the resort’s amazing employees, and we are thrilled to recognize those contributions,” Tyler Henritze, head of strategic investments for Blackstone Real Estate, said in a statement, according to CNN.
The hotel-casino has been purchased by MGM International, and that sale is going through the final stages of the approval process. The gathering this month is most likely the final with employees before the ownership change occurs.
The Culinary Union, which represents many of the employees at the casino, said the move was the right thing to do.
“We congratulate the Cosmopolitan workers who are Culinary Union members on their recognition, and we celebrate their achievements,” the Union said in a statement. “Workers have put in the work everyday to build the company to be what it is today, and it’s good to see Blackstone recognize their employees.”
Blackstone is making quite a profit in its sale of the hotel. It is selling the property for $5.65 billion, nearly $4 billion more than its purchase price.
Located on the south end of the Strip, the Cosmopolitan stands next to the Bellagio and Aria, and is one of the tallest properties on the Strip at 52 floors.
It features a variety of restaurants from chefs including Jose Andres, David Chang, Rick Gencarelli, and more, as well as an entertainment venue that hosts a wide range of talent. Shows in the coming weeks include Olivia Rodrigo, Jack White, Bill Burr, and Kevin Hart.
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