MGM to acquire The Cosmopolitan

Home » MGM to acquire The Cosmopolitan

MGM Resorts is to acquire the operations of The Cosmopolitan of Las Vegas, it was announced yesterday.


The deal, said to offer “synergies and strategic value” for MGM, is worth $1.625bn in cash and is the equivalent of eight times the adjusted EBITDA of The Cosmopolitan.

After closure, MGM will enter into a 30-year lease agreement with three 10-year renewal options, with a partnership among Stonepeak Partners, Cherng Family Trust and Blackstone Real Estate Income Trust to acquire The Cosmopolitan assets. There will be an initial annual rent of $200m paid by MGM.

It will add The Cosmopolitan’s resort and casino to the MGM portfolio. The venue has had over $500m of capital invested in upgrades since 2014. Up to February 29, 2020, The Cosmopolitan generated $959m in net revenue, prior to the pandemic.

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The Cosmopolitan has just over 3,000 rooms, a 110,000sq.ft casino, 26 F&B outlets, a 3,200-seat theatre, a Marquee night club, 243,000sq.ft of meeting space, 21,000sq.ft of leased retail space and 40,000sq.ft of spa and fitness facilities.

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