Blackstone Group’s time as a Strip casino operator is drawing to a close, but that doesn’t mean the New York-based investment conglomerate is done with Las Vegas.

Through its Blackstone Real Estate Investment Trust (REIT), the company will continue to own the land and buildings associated with four Strip properties operated by MGM Resorts International.

On Wednesday, Blackstone prepared to say goodbye after eight years as the operator of The Cosmopolitan of Las Vegas, after selling the operations of the Cosmopolitan to MGM Resorts for $1.625 billion.

Blackstone executives held an employee appreciation event inside the Chelsea theater. At the conclusion, Cosmopolitan CEO Bill McBeath announced that all 5,400 employees would receive a bonus of $5,000 each – an outlay of $27 million by Blackstone.