The owner of a Las Vegas casino surprises 5,000 employees with $5,000 bonuses.
The Cosmopolitan of Las Vegas’s employee appreciation and awards luncheon exploded in jubilant chaos on Wednesday when the resort’s chief executive announced that all 5,400 employees would receive a $5,000 bonus.
“It’s great!” exclaimed Edgar Rives, a nine-year employee cafeteria cook, following a round of high-fives, hand slaps, and hugs with dancing coworkers at the Las Vegas Strip property’s Chelsea theatre. “It’s a huge shock.”
The 55-year-old El Salvadoran immigrant and U.S. citizen claimed he would delegate the decision to his wife. Executives from Blackstone Real Estate Americas and the Cosmopolitan, including resort President and CEO Bill McBeath, complimented them for preserving “a youthful, vibrant brand” while working during the coronavirus outbreak.
Purple confetti rained down on the happy employees as the news was made. Bruno Mars’ “24K Magic” was playing in the background.
“Every single day, it’s you who makes a difference,” Daniel Espino, Cosmopolitan’s chief people officer, stated. “Whether you’re cleaning rooms, cooking meals, dealing cards, serving drinks, or working the front desk.”
McBeath remarked that the resort had donated more than $9 million to charity over the previous seven years, and he presented two employees with vacation tickets to San Diego and Hawaii: Staci Stafford, a housekeeping staff trainer, and Samira Harbali, a resort waitress.
The all-employee bonus announced Wednesday, according to company representatives, will cost the resort more than $27 million.
The approximately 3,000-room, two-tower building is owned by Blackstone, a New York-based private equity group. It expects to sell its property operations to MGM Resorts International for $1.6 billion in the coming weeks.
“Every single day, it’s you who makes a difference,” Daniel Espino, Cosmopolitan’s chief people officer, stated. “Whether you’re cleaning rooms, cooking food, dealing cards, selling beverages, or working the front desk,” she says.
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The Culinary Union, which represents many Las Vegas casinos, applauded the move. In a news release, Culinary Union secretary-treasurer Ted Pappageorge said, “It’s the correct thing for a corporation to share a piece of its profits with employees who have worked so hard to make the property successful.”
The bonuses come at a time when businesses around the country are struggling to keep employees.
The Cosmopolitan is sandwiched between the Bellagio and the multi-resort City Center complex, all of which are owned by MGM.
Following the Covid-19 outbreak that wreaked havoc on the famous Nevada city, Blackstone (BX) chose to sell the Cosmopolitan. Last year, the business announced that it will sell it for $5.65 billion, more than the $4 billion it paid for it. MGM Resorts (MGM) paid $1.6 billion to take over the business, with the balance coming from real estate investment groups.
The Cosmopolitan isn’t the only multibillion-dollar casino and resorts up for sale. Late last year, MGM Resorts announced the sale of The Mirage to Hard Rock International for more than $1 billion. MGM no longer wanted to invest in the 32-year-old property, which is famous for its explosive volcano.