Blackstone to sell The Cosmopolitan resort and casino for $5.65 billion

Economy40 minutes ago (Sep 27, 2021 09:21AM ET)

(C) Reuters. FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid/File Photo

(Reuters) -Blackstone Inc said on Monday it would sell its The Cosmopolitan of Las Vegas resort and casino for $5.65 billion.

As part of the deal, MGM Resorts (NYSE:MGM) International would buy the operations of The Cosmopolitan for $1.63 billion.

MGM would also enter into a long-term lease agreement with a partnership among Stonepeak Partners, Cherng Family Trust and Blackstone (NYSE:BX) Real Estate Income Trust Inc, which will acquire The Cosmopolitan’s real estate assets.

Blackstone had acquired the property for about $1.7 billion in 2014 and spent $500 million on upgrades, including renovating nearly 3,000 guest rooms and adding new restaurants and bars.

It said The Cosmopolitan’s recent performance has been stronger than ever, exceeding pre-pandemic levels in the second quarter of this year.

The deal is expected to close in the first half of 2022.

Blackstone to sell The Cosmopolitan resort and casino for $5.65 billion

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