LA VEGAS, May 17, 2022 /PRNewswire/ — MGM Resorts International (NYSE: MGM) (“MGM Resorts” or the “Company”) today announced the closing of its transaction with Blackstone to acquire the operations of The Cosmopolitan of Vegas (the “Property” or “The Cosmopolitan”) for a cash consideration of $1.625 billion. With the closing of the transaction, The Cosmopolitan of Vegas officially joins the list of iconic brands of MGM Resorts along the Las Vegas Strip.

“This is a great time for our company and for the Las Vegas Strip. The cosmopolitan of Vegas has already established itself as one of the top resorts on the Strip with an iconic brand, well-curated experiences and a loyal clientele. We couldn’t be more excited to bring them into our portfolio of world-class operations,” said the CEO and President of MGM Resorts. Bill Hornbuckle. “We are also thrilled to have The Cosmopolitan’s talented group of CoStars join the MGM Resorts family. We look forward to enhancing The Cosmopolitan’s already strong results by providing their guests with access to extensive and exclusive amenities and other benefits that only MGM Resorts can provide.”

In the last 12 months ended March 31, 2022The cosmopolitan generated $1.1 billion net sales and $416 million adjusted EBITDAR.1

The Cosmopolitan, one of the leading contemporary luxury resorts and casinos, opened in December 2010 and has undergone significant capital improvements following the acquisition of the property by Blackstone in 2014. The property includes:

  • 3,033 rooms and suites renovated in December 2018, most of which have terraces overlooking the famous Las Vegas Strip,
  • a 110,000 square foot casino, with high-end gaming spaces for VIP guests,
  • 26 on-trend food and beverage offerings, with 19 new concepts introduced over the past four years,
  • a 3,200-seat performance hall (The Chelsea),
  • Nightclub and day club under a tent that hosts the best DJs from around the world,
  • 243,000 square feet of centrally located meeting space, equipped with state-of-the-art technology to accommodate large and small groups,
  • 36,000 square feet of leased commercial space, and
  • a 43,000 square foot spa and fitness center.

MGM Resorts entered into a 30-year lease agreement, with three 10-year renewal options, with a partnership between Stonepeak, Cherng Family Trust and Blackstone Real Estate Income Trust, Inc. (“BREIT”), which acquired the assets real estate from The Cosmopolitan. MGM Resorts will pay an initial annual rent of $200 millionincreasing annually at 2% for the first 15 years and to the greater of 2% or the CPI increase (capped at 3%) thereafter.

About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations offering best-in-class hotels and casinos, state-of-the-art meeting and conference spaces, incredible live and theatrical entertainment, and a huge range of dining, nightlife and retail offerings. MGM Resorts creates immersive and iconic experiences through its suite of Vegas– inspired brands. The MGM Resorts portfolio includes 33 unique hotel and gaming destinations around the world, including some of the industry’s most recognizable resort brands. The Company’s 50/50 business, BetMGM, LLC, offers online sports betting and gaming in the United States through market-leading brands, including BetMGM and partypoker. The Company is currently pursuing targeted expansion into Asia thanks to the resort opportunity integrated into Japan. Through his “Focused on What Matters: Embracing Humanity and Protecting the Planet” philosophy, MGM Resorts is committed to creating a more sustainable future, while striving to make a greater difference in the lives of its employees, guests and the communities where it operates. MGM Resorts’ global employees are proud to have their company recognized as one of the World’s Most Admired Companies by FORTUNE® magazine. For more information, visit Please also contact us @MGMResortsIntl on Twitter as well as Facebook and instagram.

Statements contained in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and involve risks and/or uncertainties, including those described in public documents filed by the Company with the Securities and Exchange Commission. Forward-looking statements can be identified by the use of forward-looking words such as “believes”, “expects”, “could”, “may”, “will”, “should”, “seek”, “probable”, “intends”, “plans”, “pro forma”, “projects”, “estimates” or “anticipates” or the negative form of these words and expressions or similar words or expressions which are predictions or indicate events or trends and which relate solely to historical matters. The Company has based its forward-looking statements on management’s current expectations and assumptions and not on historical facts. Examples of such statements include, but are not limited to, the Company’s expectations regarding the expected benefits of the acquisition. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise, and the Company may not be able to achieve them. Such forward-looking statements involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those set forth in these forward-looking statements include risks relating to the continued impact of the COVID-19 pandemic on the Company’s business, the effects of economic and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout United States and globally, the design, timing and costs of expansion projects, risks associated with international operations, permits, licenses, financings, approvals and other contingencies related to growth in new or existing jurisdictions and additional risks and uncertainties described in the company’s Form 10-K, Form 10-Q and Form 8-K (including any amendments thereto). By providing forward-looking statements, the Company assumes no duty or obligation to update such statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to such other forward-looking statements.


Investment community:
ANDREW CHAPMANInvestor Relations Director
(702) 693-8711, [email protected]

BRIAN AHERNexecutive director of communications
[email protected]

1 Calculated as EBITDA before rent, impairment and pre-opening costs, and after corporate costs.

SOURCEMGM Resorts International


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