MGM Resorts announced the purchase of the Cosmopolitan of Las Vegas, a reputable luxury resort and casino, for $1.625 billion. The lifestyle industry giant was owned and operated by Blackstone, a New York-based investment group.
Prior to the purchase, Cosmopolitan was already in the market with a $5 billion price tag. However, MGM Resorts managed to buy the las vegas Strip casino $3.4 billion below the asking price. It is imperative to note that the underlying real estate will still be owned by Blackstone and hence they will act as a landlord for MGM.
MGM agreed to a 30-year lease agreement with Blackstone with 10-year renewal options. MGM will be obligated to pay $200 million rent annually which will accumulate to $6 billion by the end of the lease. Additionally, Blackstone has been MGM’s landlord for several other Las Vegas properties for almost 2 years. Also, in October 2019, MGM sold Bellagio to Blackstone for $4.25 billion. A few months later, MGM sold MGM Grand and Mandalay Bay to Blackstone for $4.6 billion. MGM capped off the selling spree by selling Aria and Vdara to Blackstone for $3.89 billion.
MGM Resorts International Announces Transaction to Acquire the Operations of The Cosmopolitan of Las Vegas https://t.co/Q02fbq5LMZ
— Marc (@MeltzVegas) September 27, 2021
The Cosmopolitan package includes 3032 rooms, a 110,000 sq-ft casino, a 3,200 seat theater, a Marque nightclub and day club, 243,000 sq-ft of meeting place, 21,000 sq-ft of leased place, and a 40,000 sq-ft spa and fitness facility.
“We are proud to add The Cosmopolitan, a luxury resort and casino on the Las Vegas Strip, to our portfolio,” said MGM Resorts CEO & President Bill Hornbuckle. “The Cosmopolitan brand is recognized around the world for its unique customer base and high-quality product and experiences, making it an ideal fit with our portfolio and furthering our vision to be the world’s premier gaming entertainment company. We look forward to welcoming The Cosmopolitan’s guests and employees to the MGM Resorts family.”
The transaction is expected to close in the first half of 2022, subject to approval by Nevada’s regulators.
“With over $500 million of capital invested to upgrade the property since 2014, The Cosmopolitan offers an incredible opportunity to expand our customer base and will provide greater depth of choices for our guests in Las Vegas,” said MGM Resorts CFO Jonathan Halkyard. “We believe that we can leverage MGM Resorts’ expertise, operating platform and other highly achievable synergies to continue providing best-in-class service, while driving growth for the property.”
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