MGM Resorts officially takes over Cosmopolitan of Las Vegas
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LAS VEGAS, Nev. (FOX5) - MGM Resorts International announced Tuesday the closing of its transaction with Blackstone to acquire the operations of The Cosmopolitan of Las Vegas for nearly $1.7 billion in cash.
The move adds another strip casino to the MGM Resorts’ portfolio.
MGM Resorts entered into a 30-year lease agreement, with three 10-year renewal options.
“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,” said MGM Resorts CEO and President Bill Hornbuckle.
It could be a lucrative one as well. MGM said the Cosmopolitan generated just over a billion dollars in net revenue in the 12 months ending on March 31, 2022.
MGM Resorts said the employees do not have to worry either.
“We’re also thrilled to have the talented group of CoStars from The Cosmopolitan joining the MGM Resorts family. We look forward to improving upon The Cosmopolitan’s already strong results by offering their customers access to the extensive and exclusive amenities and other benefits only MGM Resorts can provide,” Hornbuckle added.
The Cosmopolitan, a luxury resort and casino, opened in December 2010 and underwent significant capital improvements following Blackstone’s acquisition of the property in 2014.
