MGM Resorts International announces the closing of the acquisition of the operations of The Cosmopolitan of Las Vegas

On the closing of the acquisition, the CEO and president of MGM Resorts, Bill Hornbuckle, highlighted: "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. We couldn't be more excited to bring them into our portfolio of world-class operations."

In a press release, MGM Resorts International has reported that in the last 12 months ended March 31, 2022, The Cosmopolitan generated $1.1 billion of net income and $416 million of adjusted EBITDAR.

Likewise, the company has valued the unbeatable characteristics of the property:

• 3,033 rooms and suites that were renovated in December 2018, most of which have terraces with views of the famous Las Vegas Strip,
• a casino of more than 10 thousand square meters, with high-level gaming areas for VIP guests,
• 26 trending food and beverage offerings, with 19 new concepts introduced in the last four years,
• a 3,200-seat theater (The Chelsea),
• Marquee night club and day club that hosts the best DJs from around the world,
• More than 22,000 square meters of centrally located meeting space, featuring state-of-the-art technology to accommodate groups large and small,
• More than 3,000 square meters of leased commercial space, and
• a spa and gym of 4 thousand square meters

It is worth mentioning that MGM Resorts entered into a 30-year lease, with three 10-year renewal options, with a partnership between Stonepeak, Cherng Family Trust and Blackstone Real Estate Income Trust, Inc. (BREIT), which acquired the real estate assets of TheCosmopolitan.

Initially, MGM Resorts will pay an annual rent of $200 million, increasing annually at 2% for the first 15 years.