The sale of the Cosmopolitan Casino in Las Vegas is moving forward, following the Nevada Gaming Control Board unanimously approving the transfer of interest and licensing to MGM. Now, the state Gaming Commission will weigh in on a final approval on May 19th. The Cosmopolitan Casino, in a prime location on the Las Vegas Strip, opened its doors in December of 2010. It was built for $3.9 billion, and now MGM will purchase the operations of the property for $1.6 billion.It sits beside the popular CityCenter complex and the Bellagio casino, both owned by MGM Resorts. Despite the positive move…

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…

Deutsche Bank AG is cutting itself free of The Cosmopolitan Casino of Las Vegas, a resort and casino, saying it’s selling the swanky but unprofitable high-rise complex on the Strip to Blackstone Real Estate Partners VII for $1.73 billion. The German investment bank said in a statement Thursday that the cash deal remains subject to regulatory approvals. The bank had intended to sell the property from before it even opened in 2010 and had placed The Cosmopolitan in a separate bank division devoted to winding down or selling unwanted investments. The last major Las Vegas resort approved before the Great…