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MGM Resorts acquires The Cosmopolitan
MGM Resorts International has acquired Las Vegas’s The Cosmopolitan for 1.63 billion dollars.
The Cosmopolitan was established on December 15 2010, has more than 3000 rooms, 110 thousand s.q. ft space for a casino and 36 thousand s.q. ft area for Retail leasing.
The process started in September 2021.
From now on MGM owns all of the property’s operations and the real estate assets will belong to BREIT.
The agreement is thirty years long. MGM is going to pay 200 million dollars rent every year, growing 2% per year for the 1st 15 years and then up to 3% and has options of 3 ten year renewals.
MGM’s CEO and president B. Hornbuckle commented:
“We are more than happy to have CoStars join us. The Cosmopolitan has marked its place as a main resort with its brand, experience and devoted clients. We cannot wait for the development of their already good results by providing their clients with our offers.”
Later he added that this is a big time for both companies.
Prior to this new deal, MGM purchased LeoVegas for 607 million dollars.