MGM Resorts to Buy Operation of the Cosmopolitan

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MGM Resorts has announced an agreement with the Blackstone Group which will allow them to acquire operation of The Cosmopolitan at City Center on the Las Vegas Strip. The deal includes a cash consideration of over $1.6 billion. What’s unique about this agreement is that it separates the physical property from the operations of the resort. Blackstone has said Monday it will sell the property itself for $5.65 billion, but MGM now has a 30-year lease agreement. The Cosmo originally opened in December of 2010, but was purchased by Blackstone in 2014. MGM Resorts CEO Bill Hornbuckle stated that they…

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