MGM’s purchase of Cosmopolitan approved by Nevada Gaming Commission
After unanimous approval, MGM Resorts International will acquire the resort for $5.65bn
The final step for MGM Resorts International to acquire The Cosmopolitan of Las Vegas has been approved by the Nevada Gaming Commission.
Now that the process is over and was approved unanimously, the deal is expected to be finalized by Tuesday. With MGM properties stationed on each side of The Cosmopolitan, MGM will now take over the 3,027-room Strip resort.
Executives have noted that MGM Resorts have divested multiple Southern Nevada properties over the years and The Mirage is expected to be acquired by Hard Rock International later this year.
The Cosmopolitan announced earlier in the week that more than 5,000 employees will receive a $5,000 bonus check for their work at the resort.
Nevada Gaming Commission Chairwoman Jennifer Togliatti said: “That, will be a tough act to follow.”
In regards to her comment, MGM Chairman and CEO Bill Hornbuckle said: “It was exciting to see that they took care of their employees yesterday. To your comment, it does set a high bar, but we will try to live up to it in many ways. (The Cosmopolitan) has been and is a great icon in Las Vegas at this point.”
The deal itself will see MGM acquire the operations of The Cosmopolitan for $1.625bn. The sportsbook within The Cosmopolitan, operated by William Hill, will shift ownership to BetMGM, the sports-wagering division operated by MGM and Entain PLC.
Before the unanimous vote, Commissioner Steven Cohen had this to say: “I think it’s a wonderful opportunity for you. I’ve always thought that Cosmopolitan should be a part of MGM. It’s wonderful for the state, it’s wonderful for the Strip and it’s wonderful for the employees.”
Opened in December 2010, The Cosmopolitan hosts 3,027 rooms in two 603-foot towers. The casino floor is 110,000-square-feet.
There are also 300,000 square feet of retail and food and beverage locations, and a 3,200-seat theater.
Originally, The Cosmopolitan was built for $3.9 billion. Executives expect that some Cosmopolitan workers could be transferred to other MGM properties and may be considered for management roles.
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