{"id":214043,"date":"2022-05-17T17:03:22","date_gmt":"2022-05-18T00:03:22","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=214043"},"modified":"2022-05-17T17:45:44","modified_gmt":"2022-05-18T00:45:44","slug":"mgm-closes-acquisition-of-cosmopolitan-las-vegas","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/mgm-closes-acquisition-of-cosmopolitan-las-vegas\/","title":{"rendered":"Cosmopolitan Las Vegas Now MGM Venue as Buyer Rapidly Completes Purchase"},"content":{"rendered":"

The Cosmopolitan Las Vegas is officially part of the MGM Resorts International (NYSE:MGM) portfolio of integrated resorts, as the gaming company closed its acquisition of the Strip venue today.<\/p>\n

\"Cosmopolitan
Cosmopolitan Las Vegas. It’s now officially under the control of MGM Resorts. (Image: YouTube)<\/figcaption><\/figure>\n

MGM announced last September it\u2019s paying $1.6 billion<\/a> to Blackstone for Cosmopolitan\u2019s operating rights. Earlier this year, the casino behemoth said it expected the transaction to close in the second quarter and it made good on that promise, as today marks, roughly, the midway point of the quarter.<\/p>\n

This is a big moment for our company and for the Las Vegas Strip. The Cosmopolitan of Las Vegas has already established itself as one of the Strip\u2019s premier resorts with an iconic brand, well-curated experiences and a loyal customer base. We couldn\u2019t be more excited to bring them into our portfolio of world-class operations,\u201d<\/strong> said MGM Resorts CEO and President Bill Hornbuckle in a statement.<\/p><\/blockquote>\n

As is par for the course under its asset-lite methodology, MGM doesn\u2019t own any of Cosmopolitan\u2019s real estate. A group comprised of the Cherng Family Trust, Stonepeak Partners, and Blackstone Real Estate Income Trust (BREIT) paid $4 billion for the integrated resort\u2019s property assets.<\/p>\n

MGM entered a 30-year lease agreement with that consortium at an initial annual rate of $200 million. That rises 2% per year over the first 15 years. After that, the yearly increase is 2% or whatever the rise is by the Consumer Price Index<\/a> (CPI), capped at 3%. After the initial 30-year term, MGM has three 10-year renewal options.<\/p>\n

Cosmo Is Cash Cow<\/h2>\n

With Cosmopolitan, MGM not only bolsters its footprint on the Strip, where it\u2019s already the largest operator, it adds a highly profitable venue to its roster.<\/p>\n

\n

For the 12-month period ending March 31, 2022, Cosmopolitan generated earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) of $416 million on net revenue of $1.1 billion, indicating its margins are impressive among large-scale casino-hotels.<\/p>\n<\/div>\n

Speaking of profits, Blackstone paid $1.74 billion for the gaming venue in 2014, acquiring it from Deutsche Bank. The private equity firm poured $500 million into sprucing up the property, indicating it more than doubled its investment<\/a>.<\/p>\n

Cosmopolitan is home to 3,033 rooms and suites, which were revamped in December 2018. The gaming area is 110,000 square feet.<\/strong><\/p>\n

Answering Important Questions<\/h2>\n

Not surprisingly, Cosmo patrons and members of the MGM Rewards program<\/a> want to know when Identity Points \u2013 Cosmo\u2019s loyalty platform \u2013 will be folded into MGM Rewards. For now, the two programs remain separate, and there\u2019s not many details as to when that will change.<\/p>\n

\u201cYour status in one does not reflect the other, nor can points be earned or redeemed with the other program. All Identity offers and spend are available for use at The Cosmopolitan and all MGM Rewards are available for use at MGM Resorts currently participating in MGM Rewards,\u201d <\/strong>according to a frequently asked questions site set up to reflect MGM\u2019s takeover of Cosmopolitan.<\/p>\n

The site also confirms Identity rewards cannot be accrued at MGM venues.<\/p>\n

For fans of hotel points, they can continue earning Marriott Bonvoy points at Cosmopolitan. How long that lasts is another matter. Hyatt is MGM\u2019s preferred hotel partner, and it\u2019s not immediately clear if the operator will continue Cosmopolitan\u2019s relationship with Marriott beyond the near-term.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Cosmopolitan Las Vegas is officially part of the MGM Resorts International (NYSE:MGM) portfolio of integrated resorts, as the gaming company closed its acquisition of the Strip venue today. MGM announced last September it\u2019s paying $1.6 billion to Blackstone for Cosmopolitan\u2019s operating rights. Earlier this year, the casino behemoth said it expected the transaction to […]<\/p>\n","protected":false},"author":46,"featured_media":214044,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,81886],"tags":[],"acf":[],"yoast_head":"\nMGM Closes Acquisition Of Cosmopolitan Las Vegas<\/title>\n<meta name=\"description\" content=\"Cosmopolitan Las Vegas is now officially part of the MGM roster of gaming venues.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/mgm-closes-acquisition-of-cosmopolitan-las-vegas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGM Closes Acquisition Of Cosmopolitan Las Vegas\" \/>\n<meta property=\"og:description\" content=\"Cosmopolitan Las Vegas is now officially part of the MGM roster of gaming venues.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/mgm-closes-acquisition-of-cosmopolitan-las-vegas\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-18T00:03:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-18T00:45:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/cosmo-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-closes-acquisition-of-cosmopolitan-las-vegas\/\",\"url\":\"https:\/\/www.casino.org\/news\/mgm-closes-acquisition-of-cosmopolitan-las-vegas\/\",\"name\":\"MGM Closes Acquisition Of Cosmopolitan Las Vegas\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-closes-acquisition-of-cosmopolitan-las-vegas\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-closes-acquisition-of-cosmopolitan-las-vegas\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/cosmo-2.jpg\",\"datePublished\":\"2022-05-18T00:03:22+00:00\",\"dateModified\":\"2022-05-18T00:45:44+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Cosmopolitan Las Vegas is now officially part of the MGM roster of gaming venues.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-closes-acquisition-of-cosmopolitan-las-vegas\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/mgm-closes-acquisition-of-cosmopolitan-las-vegas\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-closes-acquisition-of-cosmopolitan-las-vegas\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/cosmo-2.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/cosmo-2.jpg\",\"width\":1280,\"height\":720,\"caption\":\"MGM's Cosmopolitan Las Vegas. 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