GMA quoted in the Las Vegas Review Journal
Cosmo sold in $5.65B deal; MGM to take over resort operations
by Colton Lochhead
the Blackstone Group is selling The Cosmopolitan of Las Vegas in a $5.65 billion deal that will extend MGM Resorts International’s footprint along the Strip.
MGM agreed to purchase the resort’s operations for $1.625 billion, while the underlying real estate of The Cosmopolitan will be sold to a group of buyers that includes a Blackstone real estate investment trust.
The sale comes seven years after Blackstone purchased the resort for $1.73 billion and marks a major return on the $500 million the company invested into the property to renovate nearly 3,000 guest rooms, complete several high-end luxury suites and upgrade bar and restaurant offerings.
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