The global investment firm Blackstone Inc. might be based on the other side of the country, but it has a sizable presence in Las Vegas.

With a $514 billion global real estate portfolio, the New York-based firm exists to turn a profit, and Tyler Henritze, head of strategic investments for Blackstone’s real estate arm, believes Las Vegas is one of the best places in the United States to do that.

Last year, Blackstone made headlines by announcing the $5.65 billion sale of the Cosmopolitan to MGM Resorts International after investing more than $500 million in recent years into improvements and additions at the Strip resort.

It purchased the Cosmopolitan in 2014 for about $400 million.