Part 3/10:
Stephen posits that a pivotal moment in this casino death spiral occurred in 2014. This was when the Cosmopolitan sold its property to Blackstone while retaining ownership of the casino operations. This trend continued as MGM sold several key properties to hedge funds, including the Venetian and Palazzo. The introduction of a casino leaseback model allowed casino companies to generate immediate cash flow by selling their properties while paying steep rent to their new owners.