Blackstone to sell The Cosmopolitan resort and casino for $5.65bn
MGM Resorts International will buy the casino operations.
US .- The Blackstone Group has announced the sale of The Cosmopolitan resort and casino in Las Vegas for $5.65bn. The price is more than three times the $1.8bn the group paid for the property seven years ago.
In that time, Blackstone spent US$500m upgrading the property, including renovating the guest rooms, building luxury suites and adding new bars and restaurants.
As part of the deal, MGM Resorts International will buy The Cosmopolitan’s casino operations for $1.63bn. The transaction will separate hotel ownership from casino operations. The property itself will be sold to a partnership among Blackstone’s REIT, Stonepeak Partners and the Cherng Family Trust for about $4bn.
The deal is expected to close in the first half of 2022.
