Las Vegas, Nevada- Blackstone company makes its biggest profitable deal so far by finally agreeing to sell Vegas Casino, The Cosmopolitan. This deal is looking like a jackpot for the company.
“Vegas has had a strong recovery coming out of the pandemic and solidified itself as a diversified entertainment destination,” said Tyler Henritze, Blackstone’s head of acquisitions for the Americas.
Blackstone Inc., a private equity firm, is selling the hotel and casino’s property assets to the Cherng Family Trust and two other corporations. Andrew and Peggy Cherng, the owner of the famous Panda Express fast-food chain, Stone Peak Infrastructure Partners, and a Blackstone Inc. insider real estate firm are among the investors buying the casino complex.
Total profits following the sale, including cash flow from the property’s operations, are around $4.1 billion, according to Blackstone’s letter. MGM Resort will be paying the rest of the money, which is 1.6 Billion dollars for taking control. The operations for 3000 rooms hotel will hence be under MGM. However, this does not include the control of the Las Vegas Strip, the casino, nightclubs, clubs, bars, and restaurants.
“The Cosmopolitan’s management team and workers led by [chief executive officer] Bill McBeath expertly executed an ambitious business strategy, including navigating a difficult era for the entire industry,” said Tyler Henritze, Blackstone Real Estate’s head of acquisitions for the Americas.
This deal is the most recent and largest in a wave of real-estate sales on the Las Vegas Strip. All while the casino owners try to sell their real estate to raise money for booming industries like sports betting and entertainment.
The Cosmopolitan Vegas Casino
The Deutsche bank sold the cosmopolitan casino to Blackstone company for 1.7 billion dollars in 2014. This was even less than half of how much the casino and resort complex cost to construct. Because of this particular deal, the first-ever owner of the property (now Vegas Casino) was able to escape a lot of misfortune. The land was causing the german lender and property owner, Ian Eichner, a loss of around $100 million per year. Moreover, he also got rid of the unplanned bet he had placed to cover up the construction loan he took. He placed the bet on the casino sector during the peak of his financial crisis. The offer proves to be beneficial for the parties of both sides. Even though, because of the German lender’s miserable situation helped Blackstone buy the property at the minimum cost.
Years after the casino’s opening in 2010, the Wall Street group’s investment helped renovate and expand the casino. This increased the hotel/casino complex’s popularity and the project became very successful. Casinos are gaining a lot of fame recently, especially as crypto casinos receive support from other countries.
The Vegas Casino under Blackstone is doing pretty good at the moment. Hence, the sale is going to be very advantageous for the buyers. Tourism has risen dramatically, and the bookies that had dried up the previous year appear to have recovered. Conferences and parties are also making a comeback. The three buyers (Cherng Trust Group, Stonepeak, and Blackstone Real Estate Firm) have hit jackpot with such a profitable deal.
Casino Winner Shot Dead in New Jersey
Someone allegedly followed, Sree Aravapalli the casino winner, to his home after he won a large prize at the Parx Casino and shot him. The victim died at the scene. The murderer followed late Sree Aravapalli to his home and attempted to rob him, according to New Jersey authorities. And, while attempting to rob the reward Mr Sree won, the culprit started firing.
The event took place on Monday, October 26, in New Jersey. As per the authorities, the robber followed the victim from the Parx Casino. Just before the incident, Mr Sree, aged 35, won a big reward in the casino. The culprit had an eye on Mr Sree’s reward and decided to rob him upon getting a chance. The poor casino winner was returning home with a big smile, waiting to share the big news with his family. Unfortunately, what Sree did not know was that someone was following him to take his life and his reward. According to the investigation, the reward Mr Sree Aravapalli won was $10,000.
Police arrived at the scene after some neighbours heard the gunshots inside the victim’s house in Briardale Court in Plainsboro Township. This was around 3:30 in the morning (a.m.). People reached out to the police as soon as they heard the shooting. However, Mr Sree Aravapalli was long gone by the time cops arrived. He became a casino winner moments before his death.
Sree Aravapalli was a 54-year-old married man with two children. Moreover, the man was the CEO of Aurex Laboratories, based in East Windsor, New Jersey. T
Strangely, there is some confusion about Aravapalli’s real age. As per the prosecutors, Sree Aravapalli was a 54-year-old man. However, according to the funeral parlour where they prepared Aravapalli’s body for burial, he was 53 years old.
Two Suspects Caught
After a thorough investigation, the prosecutors managed to arrest two suspects who were near Aravapalli throughout the night. It was the night Aravapalli became a casino winner. Luckily, the surveillance camera was able to catch two people who were near the victim the whole time. This evidence was submitted by The Bucks County Courier Times, citing court documents. As shown in the camera, one of those two men used his debit card at the Parx Casino on the same night. Through checking his bank account, the authorities were able to identify the man.
The man who used his debit card is Reid John. Reid John is a major suspect in the case and many pieces of evidence lead to him. The car that followed Sree was a white-coloured BMW and the same type of car was found near Reid John’s house. Furthermore, the house suspect Reid lives in is in Norristown. What is even more shocking is that the car that was found near Reid’s residence had the same set of clothes that the man in the casino was wearing that night.
The other suspect in the casino winner murder case is Devon Melchor. Devon is a 26 years old man of the Upper Darby. According to the prosecutor, the suspect tried to escape the country by booking a flight out of the states. However, the police were able to arrest him in Florida.
Unfortunately, casinos are becoming more and more dangerous every day. Just a month ago, a man was charged with first-degree murder after shooting in a Mississippi casino.
Till now, two suspects have been arrested and the investigation is still going on. “More charges against the two suspects are expected,” said the prosecutor.
Delhi police arrest gamblers from a farmhouse
Just recently, Delhi police arrest gamblers from a farmhouse located in New Delhi. The Delhi police is reported to have arrested a total of 16 gamblers. It should be noted that gambling is considered illegal in many countries around the world including India, Pakistan, and many others. It is strictly prohibited and violators might be fined or imprisoned or both if they are found to be gambling.
The 16 gamblers that the police have arrested were reported to be illegally running a casino in Alipur (a place in New Delhi). In a report, the police have stated that these gamblers were found inside the farmhouse of a well-known Indian Businessman. It is worth noting that poker chips of worth Rs. 75,00,000 along with Rs. 2,00,000 in cash have also been found at the site. Besides, the police have also found playing cards from the farmhouse.
Furthermore, the main individual who was running the casino is identified by the name Harvinder Solanki who is 45 years old and has been a teacher at a local school in Delhi before the lockdown imposed due to an increase in the number of positive Coronavirus cases in the country. Harvinder Solanki did not keep up with his teaching career and he resigned just before the lockdown was imposed in the country. According to the police, Harvinder used to regularly organize gambling events in the town and he was also the owner of his own casino that started operating just a while ago.
Delhi police arrest gamblers and around 2,400 poker chips along with a balance register have been also been taken into custody after raiding a casino operating in Alipur, Delhi. The police official Brijender Kumar Yadav in an interview has said that “We sent our team to Bakhtawarpur road and conducted raids on Friday night. The men were caught red-handed at the spot.”
Moreover, according to Delhi police, this was the first time these gamblers met in Alipur as in the past, they used to meet at places near Sarita Vihar and Noida.
As per the Indian Law, gambling is illegal and anyone who is found to be gambling in physical or online as in case of crypto casinos these days, would be fined or imprisoned or both.
Karnataka is set to ban gambling of all types
The state of Karnataka is all set to ban gambling of all types including online gambling, wagering, or any game that involves betting.
Gambling is a fun and entertaining activity. People place bets, devise strategies, and try their best to hit the jackpot. At times when they are fortunate enough, they manage to take home a huge sum of money. However, at times they lose everything they have ever got. But that is what gambling is all about. Taking risks is what makes gambling so interesting. Unfortunately, there is a piece of sad news for betters from Karnataka. Home to the Silicon Valley of India, the state of Karnataka has made amendments to the Police Act of 1963 and has now imposed a strict ban on gambling of every type including online gambling. Karnataka is now all set to impose a strict ban on every gambling activity. According to a press release, every activity that involves risking money has been banned and violators will be fined and locked up in jails.
With the passing of this bill, Karnataka is set to become the fourth Indian state to completely ban gambling activities after Andhra Pradesh, Tamil Nadu, and Telangana. Lawmakers have passed the bill in light of the developing situation in rural areas. This new law has been passed to strengthen the Karnataka Police Act and aims to make gambling an offense that is non-bailable by law. A huge number of young adults who lost their jobs because of the ongoing Covid pandemic have become addicted to gambling apps and started risking their savings. It was because of this issue the state finally decided to handle the problem with an iron fist.
The state officials say that the idle teenagers especially those living in rural areas of the state “have shown a tendency of becoming habitual gamblers.” Karnataka is one of India’s biggest tech states and the state is now set to strictly ban gambling activities of all kinds and gambling centers including online crypto casinos. throughout the state. The state of Karnataka has clearly stated the punishment for violators of this law. The Indian state of Karnataka is fully set to place a ban on every gambling activity. Violators may get imprisonment for up to 3 years of jail or a fine ranging from Rs1000 to Rs100,000 or both. The minimum jail sentence is set to be 6 months while currently, it is one month. On the other hand, the fine that has been decided to impose on the violators is set to be Rs10,000 instead of the current Rs500.
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