The Cosmopolitan of Las Vegas, with its ongoing multibillion-dollar sale, gave a welcome surprise to its over 5,000 employees on Wednesday: a one-time $5,000 bonus each.
The announcement was delivered by Bill McBeath, president, and CEO of the hotel-casino, at The Chelsea theater, a 40,000-square-foot venue at the Cosmo that was packed with employees for a company function, per a Review-Journal report.
The celebration celebrated Blackstone's almost decade-long ownership of the resort, which is currently being sold to MGM Resorts International and a real estate company.
The bonuses, which the Cosmopolitan's owner, New York financial firm Blackstone, is giving to all of the resort's estimated 5,000 employees, come amid a tight labor market and as the glamorous property prepares to change hands.
Acknowledging the Employees' Everyday Efforts
Tyler Henritze, Blackstone Real Estate's head of strategic investments, said that the company is "incredibly proud of what we accomplished at The Cosmopolitan" and that none of it would have been possible without the resort's amazing employees' hard work and dedication, which the company is "thrilled to recognize."
The company has also acknowledged the employees' efforts in maintaining "a youthful, exuberant brand" while working amid the COVID-19 pandemic.
Daniel Espino, Cosmopolitan chief people officer, said that every single employee "makes the difference' every single day. "Whether you clean the rooms, cook the food, are dealing cards, serving drinks, at the front desk."
Edgar Rives, who has been working as a cook for nine years in the employee cafeteria, says the incentive was "amazing" and "a big surprise," as reported by KSNV News 3, Las Vegas.
McBeath remarked that the resort had donated more than $9 million to charity over the previous seven years, and he presented two employees with vacation tickets to San Diego and Hawaii: Staci Stafford, a housekeeping staff trainer, and Samira Harbali, a resort waitress.
The Culinary Union, which represents workers at several Las Vegas casinos, issued a statement celebrating Blackstone's news that the Cosmopolitan's workforce will get roughly $30 million in incentives.
In a statement, Culinary Union Secretary-Treasurer Ted Pappageorge said, "It's the right thing for a company to share a portion of their profits with employees who have worked so hard to make the property successful."
Changing of Ownership
The Cosmopolitan, which opened in 2010, is one of the Strip's flashier, pricier hotels. Though, it suffered financial problems shortly after it began its operations. According to CNN, Blackstone purchased it in 2014 for $1.7 billion and spent nearly $500 million refurbishing its more than 3,000 guest rooms, casino floors, and common areas with restaurants and bars.
In September, Blackstone revealed that it would sell the Cosmopolitan for $5.65 billion, about $4 billion more than it paid for it five years ago. MGM Resorts International is acquiring Cosmopolitan's operations side for more than $1.6 billion as part of the agreement and will pay the new landlords an initial yearly rent of $200 million.
The upcoming sale is the next step for an elite Las Vegas hotel that opened during the greatest economic downturn in decades and was initially in the red.
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