The deal between MGM Resorts and Blackstone Group is expected to be finalised this week.
US.- The Nevada Gaming Commission has unanimously approved MGM Resorts International’s acquisition of the operations of The Cosmopolitan Casino in Las Vegas. The deal between MGM and Blackstone Group is expected to be finalised this week.
The Blackstone Group will sell The Cosmopolitan resort and casino for $5.65bn. The price is more than three times the $1.8bn the group paid for the property seven years ago.
The transaction will separate hotel ownership from casino operations. MGM Resorts International will buy the casino operations for $1.63bn. The property itself will be sold to a partnership among Blackstone’s REIT, Stonepeak Partners and the Cherng Family Trust for about $4bn.
The Cosmopolitan opened in December 2010 and hosts 3,027 rooms in two 603-foot towers. The casino floor is 110,000-square-feet. There are also 300,000 square feet of retail and food and beverage locations, and a 3,200-seat theatre.
Last week, the Cosmopolitan Casino, in Las Vegas, surprised its employees with a special bonus. The venue owned by the Blackstone Group will give its 5,400 workers a $5,000 bonus each. Bill McBeath, president and CEO of The Cosmopolitan, made the announcement at the casino’s Chelsea Theater during a company event.