MGM Resorts makes shrewd move to acquire The Cosmopolitan of Las Vegas
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MGM Resorts is buying The Cosmopolitan of Las Vegas for $1.625 billion. The deal is smart on many levels. It keeps MGM's assets-light strategy. MGM gets its fair share of customer traffic from the baby boomer generation. Since it opened in 2010, The cosmopolitan has become a hipster haven. It's possible that MGM could persuade some of its younger customers to move up to the likes of Bellagio. Once the deal goes through, MGM will have only one property - MGM Springfield in Massachusetts. A real estate company will buy Springfield by the end of the year.
Harmon Hotel was the last planned property at CityCenter. It was doomed by construction defects and unceremoniously dismantled. MGM bought it. Hard Rock International, a gaming company owned by Florida's Seminole Indian Tribe, is interested in buying a place on the Strip. The Seminoles want to be the third tribal entity to take up residency in Las Vegas. San Manuel Band of Mission Indians of California bought the Palms. Cynthia Kiser Murphey, who worked for MGM, will be its general manager.
