MGM Resorts is moving into mobile sports betting, but it hasn’t forgotten its roots: It’s buying The Cosmopolitan’s casino and resort operations as part of a $5.6 billion deal.
The Las Vegas Strip destination was purchased by private equity firm Blackstone in 2014 for about $1.8 billion. It currently houses a sportsbook run by Caesars Entertainment-owned William Hill.
- MGM will pay $1.63 billion to become The Cosmopolitan’s casino and resort operator. The physical property is being sold to an investor group including a Blackstone trust, Stonepeak Partners, and the Cherng Family Trust for around $4 billion.
- MGM will enter a 30-year lease, with three decade-long options for renewal.
- Blackstone said it invested $500 million in the property in renovations and additions. It is turning a $4.1 billion profit.
In a separate affair, MGM is looking to take full control of BetMGM, the sports betting outfit it owns 50-50 with Entain.
In July, Blackstone acquired a majority stake in Certified Collectibles Group, valuing the collectible platform at over $500 million. In April, it joined an $80 million funding round for sports media and startup basketball league Overtime. In May 2019, it took a $204.9 million minority stake in betting platform SuperBet.
The company previously explored buying stakes in Serie A and Sportradar, as well.
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