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MGM Resorts International (MGM)

NYSE - Nasdaq Real Time Price. Currency in USD
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43.02+2.47 (+6.09%)
As of 4:00PM EDT. Market open.
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  • Motley Fool

    Blackstone Just Sold the Cosmopolitan in Las Vegas -- Well, Sort of

    It was only a few weeks ago that we learned that investment firm Blackstone Group (NYSE: BX) was looking to unload the Cosmopolitan on the Las Vegas Strip, with an asking price of at least $5 billion. Well, we just found out that Blackstone has officially found a buyer for the massive property -- sort of. Here's an overview of the deal that Blackstone has made with one of the largest gaming companies in the world and what it means for the gaming industry.

  • Reuters

    UPDATE 1-Blackstone to sell The Cosmopolitan resort and casino for $5.65 billion

    Blackstone Inc said on Monday it would sell its The Cosmopolitan of Las Vegas resort and casino for $5.65 billion. As part of the deal, MGM Resorts International would buy the operations of The Cosmopolitan for $1.63 billion. MGM would also enter into a long-term lease agreement with a partnership among Stonepeak Partners, Cherng Family Trust and Blackstone Real Estate Income Trust Inc, which will acquire The Cosmopolitan's real estate assets.

  • Reuters

    Blackstone to sell The Cosmopolitan resort and casino for $5.65 billion

    As part of the deal, MGM Resorts International would buy the operations of The Cosmopolitan for $1.63 billion. MGM would also enter into a long-term lease agreement with a partnership among Stonepeak Partners, Cherng Family Trust and Blackstone Real Estate Income Trust Inc, which will acquire The Cosmopolitan's real estate assets. Blackstone had acquired the property for about $1.7 billion in 2014 and spent $500 million on upgrades, including renovating nearly 3,000 guest rooms and adding new restaurants and bars.