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The Cosmopolitan to be Sold for $5.65 Billion

  • Last Update: October 4, 2021
  • 2 minute read
The Cosmopolitan to be Sold for $5.65 Billion
Image by Mikki Couch from Pixabay

Blackstone announced that they are selling the Cosmopolitan hotel and casino for a total of $5.65 billion. MGM will be taking over operations, and the land will be sold to a group of buyers, including Blackstone real estate investment firm.

MGM Resorts International would acquire the operations of the casino and hotel from the Blackstone Group in a deal worth $1.625 billion.

According to the deal, MGM will enter into a 30-year lease that can be renewed three times for ten years each. MGM will pay $200 million in rent per year, with a 2% increase every year for the first 15 years.

The transaction is expected to be completed in the first half of 2022.

Blackstone will receive a significant profit from the sale. The company bought the Cosmopolitan in 2014 for $1.73 billion and spent $500 million to renovate the 3,000+ rooms hotel, casino, and restaurants.

The announcement marks another sign of solid recovery of the Strip after a dismal 2020 when casinos in the area saw a decrease of revenue by 26.7%.

Some other deals on the Strip this year include:

  • Vici Properties announced that they would buy MGM Growth Properties (MGM’s real estate investment firm) for $17.2 billion. MGM would receive $4.4 billion in cash.
  • MGM got approval to buy Dubai World’s 50% ownership of CityCenter for $2.1 billion.
  • MGM intends to sell the Aria and Vdara resorts to Blackstone for $3.89 billion.
  • The Apollo group purchased the Venetian Resort and Sands Expo and Convention center from Las Vegas Sands for $6.25 billion.

These deals show Las Vegas is recovering. July saw a 33% increase in revenue from July 2019 for a total of $1.36 billion, making it the fifth month surpassing $1 billion. For comparison, Nevada recorded $7.87 billion in revenue for the whole of 2020. 

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Chavdar Vasilev

After earning his business administration degree in Miami, Florida, Chavdar spent years managing multi-million-dollar eateries. He enjoys writing user guides and training materials, as well as leading new projects. In his spare time, Chavdar loves researching and reading about sports (especially soccer), fitness, health, and travel. Discovering new cultures and people is a personal passion. One day, he hopes to visit all the countries in the world and write about it.

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