Portnoy Says Penn Almost Won Cosmo, Implies Process Was Corrupt

Posted on: September 30, 2021, 01:09h. 

Last updated on: September 30, 2021, 01:09h.

Barstool Sports founder David Portnoy was fairly certain Penn National Gaming (NASDAQ:PENN) would emerge victorious in bidding for the Cosmopolitan Las Vegas and says the process to gain control of the plush Strip venue may not have been on the up and up.

David Portnoy
Barstool Sports founder David Portnoy said Penn National almost won the Cosmopolitan. He’s not convinced the bidding process was fair. (Image: Boston.com)

On Monday, private equity giant Blackstone revealed it’s selling the integrated resort for $5.65 billion to MGM Resorts International (NYSE:MGM) and a group of real estate investors consisting of the Cherng Family Trust, Stonepeak Partners, and Blackstone Real Estate Income Trust (BREIT). MGM is paying $1.6 billion for operational rights while the property investors are doling out $4 billion.

Early last month when rumors regarding the sale of the Cosmopolitan intensified, Penn National was mentioned as a potential suitor, but as a darkhorse contender relative to Apollo Global Management (NYSE:APO) and MGM. However, Portnoy says there was a time when he was fairly convinced Penn would win the glitzy venue.

If you asked me at one point ‘Were we going to have the Cosmo?’, I would have been, like, 80 percent yes,” said the Barstool founder on the latest episode of the “David Portnoy Show with Eddie & Co.” “Every sign was saying we were going to get it.”

Penn, the largest regional casino operator in the US, owns 36 percent of Barstool and can ultimately acquire the sports media property outright.

Shady Dealings?

Never one to hold back, Portnoy overtly said on his podcast that there “may have been shady (expletive) behind the scenes” explaining why Penn was left scorned.


Portnoy acknowledged that the deal makes sense for MGM given that the company operates multiple venues near the Cosmopolitan. He also admits that he wasn’t intimately involved in the bidding, but adds he’s not convinced it was a fair process. He didn’t elaborate on the alleged shadiness.

After selling operating rights to Tropicana earlier this year, Penn no longer runs a Strip venue. It’s Nevada roster consists of the M Resort in Henderson and Cactus Pete’s in Jackpot.

Portnoy didn’t divulge financial details regarding Penn’s offer for the Cosmopolitan nor did he say if the gaming company was teaming with real estate partners in its bid for the venue.

Used in the Hamptons

The Barstool boss goes on to say he may have been used this summer in the Hamptons by an unidentified person involved with the Cosmopolitan sale.

“There was a guy who was involved in the sale of the hotel who gave me a ride home from the East Hampton Airport to my house in Montauk,” said Portnoy. “He was acting like my best friend, taking pictures with me like we’re kids.”

Portnoy went on to say the unidentified male appeared to be a cheerleader for Penn winning the Cosmopolitan and plied Portnoy for information on the deal. He didn’t say that the man worked for Blackstone, but he did say the person was involved with the group selling integrated resort.

Portnoy adds the unknown person invited him on his boat and that if this man runs into Portnoy in public again, it’d be best if he not introduce himself.


  1. I simply couldn’t go away your website before suggesting that I extremely enjoyed the usual info a person provide to your visitors? Is going to be again incessantly to check out new posts

  2. Very nice info and straight to the point. I am not sure if this is truly the best place to ask but do you guys have any thoughts on where to employ some professional writers? Thanks 🙂

  3. Have you ever thought about writing an e-book or guest authoring on other websites? I have a blog centered on the same information you discuss and would love to have you share some stories/information. I know my subscribers would value your work. If you are even remotely interested, feel free to send me an e mail.

  4. Wow that was strange. I just wrote an incredibly long comment but after I clicked submit my comment didn’t show up. Grrrr… well I’m not writing all that over again. Regardless, just wanted to say great blog!|

  5. An intriguing discussion is worth comment. I do think that you need to publish more about this topic, it may not be a taboo matter but typically people don’t speak about these topics. To the next! Many thanks!!

  6. We’re a gaggle of volunteers and opening a brand new scheme in our community. Your site provided us with helpful information to paintings on. You have done an impressive task and our entire community might be thankful to you.

  7. I’m amazed, I must say. Rarely do I encounter a blog that’s both equally educative and interesting, and let me tell you, you have hit the nail on the head. The problem is something which too few folks are speaking intelligently about. I’m very happy that I came across this in my search for something relating to this.

  8. I was recommended this website by my cousin. I am not sure whether this post is written by him as nobody else know such detailed about my trouble. You’re amazing! Thanks!

  9. Terrific paintings! That is the type of info that should be shared across the web. Shame on the search engines for now not positioning this publish upper! Come on over and consult with my web site . Thank you =)

  10. электрический штабелер

1 Trackback / Pingback

  1. 2humidity

Leave a Reply

Your email address will not be published.