MGM Resorts Purchases Cosmo in Las Vegas

Today gaming group MGM Resorts International announced that they've closed the purchase of The Cosmopolitan of Las Vegas operations, having paid $1.625 billion for the property from Blackstone.

The property joins other MGM properties on the Las Vegas Strip like the Bellagio, ARIA, Luxor, Mirage, Mandalay Bay, and several others. The deal will see MGM entering a 30-year lease agreement with a business partnership that includes Blackstone Real Estate Income Trust, Stonepeak, and Cherng Family Trust, who actively own the casino's real estate.

MGM will pay rent of $200 million, rising up 2% annually for the first 15 years and then 3% for the backend of the deal. The company will maintain three ten-year extensions after the initial 30-year term.

"This is a big moment for our company and for the Las Vegas Strip. The Cosmopolitan of Las Vegas has already established itself as one of the Strip's premier resorts with an iconic brand, well-curated experiences, and a loyal customer base." said MGM Resorts CEO Bill Hornbuckle. "We couldn't be more excited to bring them into our portfolio of world-class operations."

"We look forward to improving upon The Cosmopolitan's already strong results by offering their customers access to the extensive and exclusive amenities and other benefits only MGM Resorts can provide."

About the author

Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.

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