Pedestrians walk near The Cosmopolitan of Las Vegas on Wednesday, May 11, 2022. Other members include Stonepeak Partners and the Cherng Family Trust (founders of the Panda Restaurant Group, which includes the Panda Express chain). Blackstone paid $1.73 billion to acquire the Cosmopolitan and spent another $500 million on property upgrades, including renovations of the hotel rooms and suites and adding new restaurants and bars. MGM Resorts will pay $200 million a year to the Cosmopolitan’s landlord group.īlackstone, which has owned the Cosmopolitan since 2014, sold the 8.7-acre Strip land parcel and the resort complex last September for almost $4.1 billion to an investment group that includes the company’s real estate investment trust, which owns 80 percent of the partnership. “I've listened to and read the transcript of the Control Board meeting and I don’t have any concerns,” said Gaming Commission Chairwoman Jennifer Togliatti. Other than the discussion over hotel rooms, gaming regulators had little concern with the transaction. MGM Resorts Chief Operating Officer Corey Sanders said each of the company’s Strip properties, “have their own price points.” “I think 50 percent rings the bell for ,” Gaming Commission Member Stephen Cohen said. The company is selling resort operations to Hard Rock International for $1.1 billion.Īfter a brief question-and-answer session, gaming regulators said they were comfortable with the room total. Pohl’s analysis, which he presented last week to Control Board members, included the removal of the 3,044 hotel rooms at The Mirage from the total. MGM Resorts legal counsel Chandler Pohl told the commissioners an analysis using information provided by the Gaming Control Board showed that MGM Resorts would now operate 40.3 percent of all Strip hotel rooms following the transaction.
The transaction is expected to close on Tuesday.Īccording to a Securities and Exchange Commission filing in February, MGM Resorts operates almost 36,600 hotel rooms and suites on the Strip through nine properties. MGM Resorts is paying more than $1.6 billion to New York-based real estate conglomerate Blackstone Group to take over the Cosmopolitan’s more than 3,000 hotel rooms and suites, as well as the 110,000-square-foot casino and non-gaming amenities. The Nevada Gaming Commission signed off on MGM Resorts International’s acquisition of the operations of The Cosmopolitan of Las Vegas on Thursday, but not before a discussion concerning whether the deal presents any federal antitrust issues.
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