United Kingdom
United States
Asia Pacific
MGM to take over The Cosmopolitan Las Vegas
The Cosmopolitan in Las Vegas is getting new owners.
Blackstone is selling the property for $4 billion and MGM Resorts International will take over operations of the 3,000-room hotel by paying $1.6 billion.
Blackstone is selling the real estate assets to a group of investors including the Cherng Family Trust.
MGM will manage the business for a 30-year period with lease extension options totaling an additional 30 years.
Blackstone bought The Cosmopolitan from Deutsche Bank in 2014 for $1.7 billion and has invested over $500 million since then.
It renovated nearly all guest rooms, and built 67 new rooms and suites, as well as upgrading F&B outlets.
“As a result of these enhancements, The Cosmopolitan’s recent performance has been stronger than ever, exceeding pre-Covid levels in the second quarter of 2021,” Blackstone said.
The transaction is expected to close in early 2022, subject to approvals.
Learn more about : MGM Resorts ( N. America ) MGM Resorts ( Asia Pecific ) MGM Resorts ( United Kingdom )
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Mark Jaronski of Explore Georgia on FIFA World Cup 2026
Connecting Small Businesses to Global Tourism Markets: Nate Huff of Tourism Exchange
North Carolina’s Resilience: Wit Tuttell on Recovery and Tourism
Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns
James Jin: Didatravel’s Journey from China to Global Reach and the Impact of AI on Travel
Darien Schaefer on Pensacola’s Evolution: From Small Town to Global Destination
Florida Tourism’s Next Frontier: Dana Young on Expanding Beyond the Classics
Patrick Harrison on Tampa Bay Tourism’s Resilience and Marketing Strategy
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Dozens fall ill in P&O Cruises ship outbreak
Turkish Airlines flight in emergency landing after pilot dies
Unexpected wave rocks cruise ship
Woman dies after going overboard in English Channel
Foreign Office issues travel advisory for winter sun destinations