• Loading stock data...
Sunday, June 1, 2025

MGM Buying Cosmopolitan Operations in $5.6B Deal

  • MGM is buying the casino and resort operations of the Cosmopolitan as part of a deal with Blackstone totaling $5.6 billion.
  • The destination includes a sportsbook run by William Hill.
The Cosmopolitan/Design: Alex Brooks

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.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Jan 11, 2025; Houston, Texas, USA; Los Angeles Chargers wide receiver Ladd McConkey (15) scores on a pass in the fourth quarter against the Houston Texans in an AFC wild card game at NRG Stadium.

Why the NFL Isn’t a Sure Bet for Private-Equity Firms

Three teams have gotten PE investments since owners approved the rule change.
Potawatomi Sportsbook patrons watch the University of Wisconsin men play UCLA on Friday, March 14, 2025. The venue is open for the first time during March Madness and is expecting to be busy over the next few weeks in Milwaukee. Angela Peterson/Milwaukee Journal Sentinel

Activist Claims ‘Assault on Shareholder Rights’ by Penn

HG Vora sued Penn in Pennsylvania federal court earlier this month.
May 13, 2025; Cleveland, Ohio, USA; Indiana Pacers guard Bennedict Mathurin (00) drives to the basket between Cleveland Cavaliers guard Ty Jerome (2) and center Jarrett Allen (31) during the second half of game five of the second round for the 2025 NBA Playoffs at Rocket Arena.

Penn Continues to Fight Activist Investor While Admitting Struggles

The activist battle is heating up ahead of Penn’s shareholder meeting next month.

Featured Today

PSG and the City of Paris Can Join European Soccer’s Elite

What a maiden Champions League title would mean for the French club.
May 30, 2025

How the Champions League Anthem Took on a Life of Its Own

The composer didn’t know he wrote a timeless hit three decades ago.
May 25, 2025

How Rolex Paved the Way for Luxury’s Love Affair With Tennis

“It’s almost impossible to think about tennis without thinking about Rolex.”
Mar 23, 2025; Miami, FL, USA; Alexandra Eala (PHI) reacts after winning a point against Madison Keys (USA)(not pictured) on day six of the Miami Open at Hard Rock Stadium.
May 24, 2025

Alex Eala Is Defying Her Country’s Odds to Make French Open History

The Philippines native has overcome a unique set of financial odds.

Max Verstappen Linked to $300M Aston Martin Deal Ahead of Miami GP

Aston Martin is currently seventh in the constructors championship.
March 20, 2025

High School Sports Power Signs Eight-Figure Rights Deal in First

The deal pays roughly $1 million annually, FOS has learned.
March 27, 2025

Peyton Manning’s Omaha Productions Gets PE Boost

The Hall of Famer’s company gains another prominent backer.
Sponsored

Game On: Portfolio Players Stories, Brought to You by E*TRADE from Morgan Stanley

In Episode 7 of Portfolio Players, go inside the boardroom with Avenue Capital CEO and former Milwaukee Bucks co-owner Marc Lasry on Giannis’s future, women’s sports, and upstart leagues like TGL and Unrivaled. 
March 20, 2025

Maxx Crosby’s Agent: Edge Rushers Set to Dominate NFL’s Non-QB Market

Maxx Crosby just signed a three-year, $106.5 million extension.
March 4, 2025

Eagles Make Saquon Barkley NFL’s Highest-Paid Running Back Ever

Barkley is coming off a historic 2024 season with the Eagles.
February 18, 2025

Tiger Woods Signs First PGA Tour Player to Wear Sun Day Red

Karl Vilips will wear Sun Day Red at his season debut at the Mexico Open.
Teammates embrace during matchup in The Hundred cricket league
February 15, 2025

Google, Microsoft, Adobe CEOs Buy Stakes in Cricket League

The England and Wales Cricket Board raised £520m by selling team stakes.