When investment giant Blackstone sold The Cosmopolitan of Las Vegas, it fetched billions above what it paid years earlier, with an executive lauding the resort’s “high level of success.”
The deal also is the latest high-priced sale in Southern Nevada that did not produce a dollar of real estate transfer taxes – an issue that Gov. Steve Sisolak says lawmakers should take up in the next legislative session.
Blackstone, led by billionaire Stephen Schwarzman, announced May 17 that it completed its $5.65 billion sale of The Cosmopolitan. The same day, a deed for the property was recorded with Clark County that showed no sales price, no transfer-tax value and no transfer tax due, with those designated lines blank, county records show.
