3,000-room Las Vegas hotel, the Cosmopolitan, to be operated by MGM Resorts.
In September of 2021, the Cosmopolitan was sold by its owners, Blackstone, for $4 billion to multiple parties. MGM Resorts International (MGM Resorts) will pay $1.6 billion to take over the hotel’s operations. As health and safety regulations surrounding the COVID-19 (coronavirus) ease, it is anticipated that Hotel’s in Las Vegas will experience an increase in demand from consumers. Additional agreements in the acquisition state that unions for about 3,000 employees will keep their jobs, which are anticipated to increase costs associated with wages.
Labor|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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