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…

The Blackstone group is once again looking to the sell their Cosmopolitan Las Vegas property. And all you need to add this resort to your portfolio is a meager $5 billion… maybe more. It’s being reported that Apollo Global is exploring an offer. Another potential partner is MGM Resorts International. However, representatives for Blackstone, Apollo and MGM all declined to comment. Blackstone, the New York-based investment firm, tried two years ago to find a buyer at $4 billion or more. Prices for Las Vegas casinos have continued to rise despite the pandemic as real estate investment trusts purchase properties and…

Fan favorite and all around “good guy” O.J. Simpson has files a lawsuit against the Cosmopolitan hotel-casino in Las Vegas. This is the property that banned him in November 2017. Simpson alleges that employees defamed him by telling a news site he was drunk and disruptive. Simpson filed the lawsuit a few weeks ago, and it acknowledges that he received a notice from a security guard as they left whch prohibited him from returning to the Las Vegas Strip property. He says he was never given a reason. The Cosmopolitan has declined comment on the matter. You can read more…

Deutsche Bank agreed on Thursday to sell Cosmopolitan Casino in Las Vegas, which is one of the town’s most expensive resorts. The property will be sold to the Blackstone Group for about $1.73 billion in cash. The deal will finally end a long and painful foray by Deutsche Bank into the casino business, after it foreclosed on the resort’s developer, Bruce Eichner, in January 2008. It was one of many, as banks moved to take over troubled gambling properties at the onset of the financial crisis. Since then, the firm has tried to make the best of its new property,…

Las Vegas Review Journal – A spokeswoman for Deutsche Bank in New York wouldn’t discuss an Australian press report Monday that the Cosmopolitan of Las Vegas could be sold to a company controlled by billionaire James Packer. Germany’s largest bank, which opened the 3,000-room Cosmopolitan in December 2010 after it foreclosed on the project’s original developer, is reportedly seeking a buyer for the resort. The Cosmopolitan has never turned a quarterly profit. The Brisbane Times reported that Crown Resorts, which is controlled by Packer, was planning to “lodge an expression of interest” for the Cosmopolitan by Tuesday. Bloomberg News recently…

Card Player – Deutsche Bank is in talks with potential buyers of the Cosmopolitan on the Las Vegas Strip, Bloomberg reported this week. The bank has owned the property for a handful of years. Germany’s largest bank could be looking for more than $2 billion for the casino, hotel and resort, and has attracted at least four possible bidders, the report said. The property’s actual value could be around $1.5 billion. According to the report, the complex “cost more than $3.9 billion to build and has never turned a profit…The Cosmopolitan reported 2013 earnings—before interest, taxes, depreciation and amortization—of $103…