MGM Resorts extends it's Footprint on the Strip
The Blackstone Group is selling the Cosmopolitan of Las Vegas in a $5.65 billion deal that will extend MGM Resorts International’s footprint along the Strip.
The Cosmo is a luxury resort destination center strip. It features a 100,000 square foot casino floor, 3,000 guest rooms, including high-end luxury suites, and high end bars and restaurants.
MGM agreed to purchase the resort’s operations for $1.625 billion, while the underlying real estate of The Cosmopolitan will be sold to a group of buyers that includes a Blackstone real estate investment trust.
MGM plans to enter into long-term lease with the group of buyers, which also includes the Cherng Family Trust, an office investment firm from Panda Express founders Andrew and Peggy Cherng, and Stonepeak, an investment firm that specializes in infrastructure and real estate assets.