The Cosmopolitan of Las Vegas is under new management
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MGM Resorts International has completed a $1.62 billion deal with The Blackstone Group Incorporated to run The Cosmopolitan of Las Vegas for the next three decades. The agreement also includes a group of investors who take over the real estate assets of the development.
The Cosmopolitan of Las Vegas is under new management. The yearly rent for the resort will grow by 2% a year until 2037 and then be pegged to the consumer prices index capped at 3%. The company’s President and Chief Executive Officer, Bill Hornbuckle, disclosed that the latest deal is to see the yearly rental grow 2%.
The Cosmopolitan of Las Vegas was purchased by The Blackstone Group Incorporated four years ago. The casino, The Chelsea theater, 26 food and beverage outlets and 43,000 sq ft spa and fitness facility are part of the property.
