MGM Resorts to Acquire Cosmopolitan of Las Vegas | New
LAS VEGSA (FOX5) – MGM Resorts International announced on Monday a transaction to acquire the operations of the Cosmopolitan of Las Vegas.
According to MGM Resorts, the company would acquire $ 1.625 billion in the operations of Cosmopolitan, which is owned by Blackstone.
black stone also announced the sale of real estate at 5.65 billion dollars.
“Under the agreement, MGM Resorts International intends to acquire the operations of The Cosmopolitan and to enter into a long-term net lease with a partnership between Cherng Family Trust, Stonepeak Partners and Blackstone Real Estate Income Trust, Inc . (“BREIT”), which will acquire the real estate assets of The Cosmopolitan, “a press release from Blackstone said Monday.
According to MGM Resorts, MGM Resorts will enter into a 30-year lease, with three 10-year renewal options in the partnership.
“The Cosmopolitan brand is recognized around the world for its unique customer base and high quality products and experiences, which makes it an ideal addition to our portfolio and reinforces 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, ”said MGM Resorts CEO and President Bill Hornbuckle.
The transaction is expected to close in early 2022, subject to regulatory approvals and other customary closing conditions, according to Blackstone.
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