![]() ![]() "We are proud to add The Cosmopolitan, a luxury resort and casino on the Las Vegas Strip, to our portfolio," said MGM Resorts CEO & President Bill Hornbuckle. MGM Resorts will pay an initial annual rent of $200 million, escalating annually at 2% for the first 15 years and the greater of 2% or the CPI increase (capped at 3%) thereafter. ![]() ("BREIT"), which will acquire The Cosmopolitan's real estate assets. The purchase price represents a multiple of approximately eight times adjusted EBITDA, inclusive of expected operational synergies and identified revenue growth opportunities.įollowing the close of the transaction, MGM Resorts will enter into a 30-year lease agreement, with three 10-year renewal options, with a partnership among Stonepeak Partners, Cherng Family Trust and Blackstone Real Estate Income Trust, Inc. ![]()
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