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MGM Resorts International takes over The Cosmopolitan for $1.625 billion

MGM Resorts-Cosmopolitan Operations
Posted at 3:38 PM, May 17, 2022
and last updated 2022-05-17 18:38:27-04

LAS VEGAS (KTNV) — The Cosmopolitan has officially joined the MGM Resorts as a property on the Las Vegas Strip.

The MGM Resorts International announced on Tuesday that they have completed the transaction with Blackstone to own the operations of The Cosmopolitan of Las Vegas for $1.625 billion.

"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. “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.”

MGM Resorts said they entered a 30-year lease agreement, with three 10-year renewal options.