The Cosmopolitan of Las Vegas surprised its more than five thousand employees this Wednesday with a one-time $5,000 bonus.
The resort said it gave an "unprecedented" $27 million to workers during a festive event that was topped off with a "climactic drum roll" and confetti as Cosmopolitan CEO Bill McBeath made the announcement.
The event celebrated the tenth anniversary of the private investment firm Blackstone's purchase of that property, which is in the process of being sold to MGM Resorts International and a real estate company.
"We know that none of this would have been possible without the hard work and dedication of the resort's incredible employees, and we are thrilled to recognize that contribution," Tyler Henritze, head of strategic investments at Blackstone Real Estate, said in a statement quoted by CNN Portugal.
A press release said that "tears and applause" filled the room when the news broke. In addition, the bonus came during a time when the labor market was "tight" and companies were trying to discourage workers from looking for jobs elsewhere.
The Cosmopolitan, which opened in 2010, is one of the most flashy and luxurious resorts on the Strip. It quickly went into financial crisis after opening, and was bought by Blackstone in 2014 for $1.7 billion, which spent about $500 million remodeling its more than 3,000 guest rooms, casino rooms and common spaces with restaurants and bars.
Blackstone (BX) has decided to sell Cosmopolitan in the wake of the covid-19 pandemic that wiped out the famous Nevada city. The company announced last year that it was selling it for $5.65 billion - more than $4 billion above the purchase price.
MGM Resorts (MGM) paid $1.6 billion to take over its operations, with the rest of the money coming from real estate investment companies.
The Cosmopolitan is not the only major casino and resort to change hands. MGM Resorts announced late last year that it was selling The Mirage to Hard Rock International for more than $1 billion.
The 32-year-old property, known for its explosive volcano, is aging and MGM did not want to continue investing in it.