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Blackstone Closer To Getting Cosmopolitan

The Cosmopolitan of Las Vegas is one step closer to being sold for $1.73 billion to affiliates of the Blackstone Group.

A spokeswoman with the hotel-casino on the Las Vegas Strip confirmed Thursday that Nevada's three-person Gaming Control Board recommended the deal be approved at a meeting the day before.

The next step for Blackstone is getting the approval of the state's five-member Gaming Commission at its Dec. 18 meeting.

Deutsche Bank AG built the $3.9 billion Cosmopolitan after its original developer defaulted on its loan.

The swanky high-rise has struggled to make a profit since opening in 2010 after the economy soured.

It sits on the Strip on one edge of the City Center group of hotels and casinos. Its rooms were designed to be for-sale condos.

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