Las Vegas Casino Hands Out $27M In Bonuses

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A standoff at the MGM Grand Hotel and Casino in Las Vegas ended Wednesday with a man dead of an apparent suicide, police said.

Employees of the Cosmopolitan of Las Vegas received a hefty one-time bonus on Wednesday in what some called a “big surprise.”

Each of the company’s more than 5,000 employees will receive $5,000, totaling an “unprecedented” $27 million. The bonuses came as private equity firm Blackstone celebrated its nearly decade-long ownership of the property, CNN reported.

Blackstone is currently in the process of selling the Cosmopolitan of Las Vegas to MGM Resorts International and a real estate firm in a deal worth $5.65 billion. MGM will pay $1.6 billion for operations of the property, with the rest of the monies coming from the real estate investment firms.

In a statement obtained by CNN, Tyler Henritze, head of strategic investments for Blackstone Real Estate, said, “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.”

Employees were told of the bonuses during a celebratory company event at the property’s The Chelsea theater, where employees cheered and some broke down in tears.

Edgar Rives, a cook for nine years in the employee cafeteria, told the Associated Press, “It’s amazing! It’s a big surprise” as he high-fived and hugged his co-workers upon hearing the news.

The Cosmopolitan opened its doors in 2010 and was acquired by Blackstone in 2014 for $1.7 billion. Blackstone spent about $500 million remodeling the property that has more than 3,000 guest rooms, as well as casino floors and common areas with restaurants and bars, according to CNN.


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Photo: Creative Commons

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