the cosmopolitan of las vegas
MGM Resorts to Acquire Operations of The Cosmopolitan in Las Vegas for $1.625B
MGM RESORTS INTERNATIONAL | September 27, 2021
LAS VEGAS, NV – September 27, 2021 – MGM Resorts International today announced that the Company has entered into a definitive agreement with Blackstone to acquire the operations of The Cosmopolitan of Las Vegas (the "property" or "The Cosmopolitan") for cash consideration of $1.625 billion, subject to customary working capital adjustments. The purchase price represents a multiple of approximately eight times adjusted EBITDA, inclusive of expected operational synergies and identified revenue growth opportunities. Following the close of the transaction, MGM Resorts will enter into a 30-year lease agreement, with three 10-year rene...
The Cosmopolitan of Las Vegas Kicking Off Room Remodel to Be Completed in 2018
The Cosmopolitan of Las Vegas | August 9, 2017
LAS VEGAS (Aug. 09, 2017) – The Cosmopolitan of Las Vegas today unveiled a refresh to its guest rooms across both the Boulevard and The Chelsea Towers. The project, which kicks off this summer, will be fully complete in 2018 with 2,895 of the resort's 3,027 rooms remodeled with influence from innovative and inspired designers, including New York-based Virserius Studio. "Where The Cosmopolitan is at today is a reinvention of the property that opened its doors more than six years ago," stated Bill McBeath, President and Chief Executive Officer of The Cosmopolitan of Las Vegas. "The past two years have been a transformative process t...
