MGM Resorts has announced an agreement with the Blackstone Group which will allow them to acquire operation of The Cosmopolitan at City Center on the Las Vegas Strip. The deal includes a cash consideration of over $1.6 billion.

What’s unique about this agreement is that it separates the physical property from the operations of the resort. Blackstone has said Monday it will sell the property itself for $5.65 billion, but MGM now has a 30-year lease agreement. The Cosmo originally opened in December of 2010, but was purchased by Blackstone in 2014.

MGM Resorts CEO Bill Hornbuckle stated that they were happy to add The Cosmopolitan to their portfolio. He went on to say that “The Cosmopolitan brand is recognized around the world for its unique customer base and high-quality product and experiences, making it an ideal fit with our portfolio and furthering our vision to be the world’s premier gaming entertainment company.”

If this agreement meets with regulatory approval, it should become official sometime in early next year.