The Nevada Gaming Commission has approved MGM Resorts International's acquisition of the operations of the Cosmopolitan of Las Vegas from Blackstone. This approval follows the recent confirmation of the definitive agreement, with MGM and Blackstone expected to finalize the transaction this week.
We must remember that The Blackstone Group will sell The Cosmopolitan resort and casino for €5,414 million, more than triple the €1,725 million paid for the property seven years ago.
The transaction will separate ownership of the hotel from the operations of the casino. MGM Resorts International will purchase the casino operations for €1.562 billion. The property itself will be sold to a partnership between Blackstone REITs, Stonepeak Partners and Cherng Family Trust for around €3.8bn.
The Cosmopolitan opened its doors in December 2010 and has 3,027 rooms and suites that were renovated in December 2018, most of which have a terrace overlooking the iconic Las Vegas Strip; a casino of more than 10 thousand square meters, with high-level gaming areas for VIP guests; 26 food and beverage offerings, with 19 new concepts introduced in the last four years; a 3,200-seat theater (The Chelsea); Marquee nightclub and dayclub that hosts the best DJs from around the world; meeting space; shopping area; spa and gym.
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