Blackstone flips Cosmopolitan in Las Vegas for triple the price it paid

Published Sep 27 2021 at 12:27 PM GMT
  • Blackstone Group Inc said Monday its Blackstone Real Estate Partners VII LP fund agreed to sell The Cosmopolitan of Las Vegas for $5.65 billion, seven years after it paid $1.
  • MGM Resorts International will acquire the operations of The Cosmopolitan.
  • MGM will also sign a long-term net lease with a partnership between Cherng Family Trust, Stonepeak Partners and Blackstone Real Estate Income Trust Inc., which will acquire The Cosmopolitan's real estate assets.
  • Blackstone said the casino's performance has been exceeding pre-Covid levels.
  • The deal is expected to close in early 2022.



  • Published Sep 27, 2021 12:27 PM GMT