MGM Buys Operations of The Cosmopolitan of Las Vegas
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MGM Resorts is set to take over the operations of The Cosmopolitan casino resort in Las Vegas after purchasing the rights for $1.625bn from Blackstone.
MGM Resorts International will take over the operations of The Cosmopolitan casino resort in Las Vegas. The new owners of the real estate assets are Stonepeak Partners, the Blackstone Real Estate Income Trust (BREIT), and the Cherng Family Trust.
MGM Resorts has bought operations of The Cosmopolitan of Las Vegas. Blackstone invested more than $500m in the property since 2014. The property had net revenue of $959m and an adjusted EBITDAR of $316m for the 12 months ending February 29, 2020. For the most recent quarter ended June 30, 2021, the business had revenue $234m, and adjusted profit of US$92m.
The Cosmopolitan opened for the first time in December 2010. Blackstone made significant renovations after acquiring the property in 2014. It has more than 3,000 hotel rooms and suites, many of which overlook the Las Vegas Strip. The casino floor is 110,00 square feet and has a special area for VIP guests. There are extensive food and beverage establishments, a 3.200 seat theater, dayclub, nightclub, extensive meeting space, retail space and spa and fitness facility.
