Cosmopolitan Las Vegas now an official MGM Resorts property
$5,000 Welcome Bonus
The Cosmopolitan of Las Vegas officially became an official MGM Resorts International property Tuesday. The company closed its $1.625 billion deal with the Blackstone Group. Three regulatory bodies gave final approval for the deal earlier this month. More than 5,000 employees are coming off each receiving a $5,00 bonus from Blackstones. Cosmo generated $ 1.1 billion in net revenue and $416 million of adjusted cash flow in the trailing 12 months.
The Cosmopolitan opened in December 2010. It underwent significant capital improvements following Blackstone's acquisition of the property in 2014. The property's amenities include a 110,000-square-foot casino, a 3,200-seat theater, The Marquee nightclub and dayclub, 243,00 square feet of central meeting space, 36,500 square-feet of leased retail space and a 43, 000-sq-ft spa and fitness facility. MGM Resorts entered into a 30-year lease agreement with a partnership among Stonepeak, Cherng Family Trust and Blackstones.
