Blackstone hits jackpot with $5.7bn Cosmopolitan casino sale

Blackstone has agreed to sell The Cosmopolitan in Las Vegas for $5.7bn, completing a turnround at a resort that had been blighted by losses and labour disputes before Stephen Schwarzman’s private equity firm took ownership seven years ago. MGM Resorts International is paying $1.6bn to take over operations of the 3,000-room hotel overlooking the Las … Read more

US consultancy Ankura expands into UK restructuring

Accounting & Consulting services updates Sign up to myFT Daily Digest to be the first to know about Accounting & Consulting services news. Ankura Consulting has launched a UK restructuring practice, becoming the latest private equity-backed group looking to profit from advising companies in distress because of the pandemic. The US-based firm, which is backed … Read more

The value of software revenue may have finally stopped rising

Startups are raising record sums around the world, thanks to several contributing factors. As The Exchange explored yesterday, historically low interest rates have helped venture capitalists raise more capital than ever, to pick an example. Low rates have helped startups in another manner: As yields fell for certain assets, investors chased returns by betting on … Read more

Becoming a leader of conscience

As ESG metrics spawn an increasing number of ethical considerations, leaders need better ways to manage ethical conundrums and conflicts. G. Richard Shell, chair of Wharton School’s Legal Studies and Business Ethics department, offers a useful approach with his CLIP framework, which considers four elements: consequences, loyalties, identity, and principles. But when all is said and done, leaders will still need to use their best judgment to balance and prioritize the elements.

Extra Crunch roundup: Adtech investing, Intuit buys Mailchimp, ideal customer profiles

Major gains in online advertising have boosted valuations for adtech startups since the pandemic began, but one insider says investors are missing the party. “Adtech is having a moment,” writes industry veteran Casey Saran. “And while much of the oxygen has been soaked up by large legacy companies hitting the public market, there have been … Read more