Bill Hornbuckle
MGM Completes Acquisition of Cosmopolitan’s Operations
MGM Resorts International announced the closing of its transaction with Blackstone to acquire the operations of The Cosmopolitan of Las Vegas (The Cosmopolitan) for cash consideration of $1.625 billion. With the closing of the transaction, The Cosmopolitan officially joins MGM Resorts’ roster of iconic brands along the Las Vegas Strip.
“This is a big moment for our company and for the Las Vegas Strip. The Cosmopolitan of Las Vegas has already established itself as one of the Strip’s premier resorts with an iconic brand, well-curated experiences and a loyal customer base. We couldn’t be more excited to bring them into our portfolio of world-class operations. We’re also thrilled to have the talented group of CoStars from The Cosmopolitan joining the MGM Resorts family. We look forward to improving upon The Cosmopolitan’s already strong results by offering their customers access to the extensive and exclusive amenities and other benefits only MGM Resorts can provide,” Bill Hornbuckle, CEO and President of MGM Resorts, said.
The Cosmopolitan, a leading contemporary luxury resort and casino, opened in December 2010 and underwent significant capital improvements following Blackstone’s acquisition of the property in 2014. The property features:
- 3033 rooms and suites that were renovated in December of 2018, most of which feature terraces overlooking the famed Las Vegas Strip,
- a 110,000 square-foot casino, with high-end gaming areas for VIP guests,
- 26 on-trend food and beverage offerings, with 19 new concepts introduced in the last four years,
- a 3200-seat theater (The Chelsea),
- Marquee nightclub and dayclub that hosts top DJs from around the world,
- 243,000 square feet of centrally located meeting space, featuring state-of-the-art technology to accommodate both large and small groups,
- 36,000 square feet of leased retail space, and
- a 43,000 square foot spa and fitness facility.
MGM Resorts entered into a 30-year lease agreement, with three 10-year renewal options, with a partnership among Stonepeak, Cherng Family Trust and Blackstone Real Estate Income Trust (BREIT), which acquired The Cosmopolitan’s real estate assets. MGM Resorts will pay an initial annual rent of $200 million, escalating annually at 2% for the first 15 years and the greater of 2% or the CPI increase (capped at 3%) thereafter.
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Playtech and MGM Resorts International announced a strategic partnership that will offer new and unique live casino content to operators in the iGaming industry.
Streamed directly from the gaming floors of two of MGM Resorts’ most iconic Las Vegas Strip properties, the live casino content, branded as “MGM Live,” will be available for licensing in regulated markets worldwide, outside of the US.
The live casino offering will include single and double-zero roulette and baccarat games. These games will be broadcast live from the casino floors at both MGM Grand and Bellagio Resort & Casino in Las Vegas.
As the partnership evolves, the plan is to broaden the portfolio with exclusive access to a variety of Playtech games, branded TV game shows, celebrity-hosted trivia shows, and the one-of-a-kind entertainment experiences for which Las Vegas and MGM Resorts are known.
“The launch of this new and exciting live casino offering, in partnership with Playtech and directly from Bellagio and MGM Grand in Las Vegas, furthers our strategic vision to be the world’s premier gaming entertainment company. This collaboration amplifies our commitment to providing unparalleled experiences and expands our global reach to our customers. We believe the content, celebrity talent and sophisticated gaming experience that we will offer – all from the trusted and highly reputable brands of MGM Resorts – will be unmatched in the industry,” Bill Hornbuckle, CEO and President of MGM Resorts, said.
“We are thrilled to partner with MGM Resorts, a world-renowned gaming and entertainment brand. This alliance combines the strength of MGM Resorts’ global prestige with Playtech’s extensive international market knowledge and innovative games. As a leading technology provider in regulated markets, we are delighted that this partnership is pioneering a new live entertainment category and product offering for players in these regulated territories. Our alliance is built on a shared vision to create an innovative and unique customer experience alongside our commitment to safer gambling. Both Playtech and MGM Resorts are dedicated to maintaining the highest standards of player protection and ensuring our offerings are enjoyed responsibly,” Mor Weizer, Chief Executive Officer at Playtech, said.
MGM Resorts International has unveiled its vision to transition Empire City Casino by MGM Resorts into a world-class entertainment destination, MGM Empire City, if awarded a commercial casino license for its historic Yonkers, New York site. Key elements of the phase one design include a comprehensive casino floor redevelopment and expansion, 5000-capacity entertainment venue, state-of-the-art BetMGM sportsbook, food and beverage outlets by celebrated chefs, cocktail bars and lounges, technologically advanced meeting spaces and more.
MGM RESORTS’ VISION FOR MGM EMPIRE CITY
MGM Empire City’s plans feature a complete property redevelopment shifting from a video lottery terminal racino into a full-scale commercial casino with live-dealer table games, the newest slot machines and a high-limit gaming area for the most discerning casino guests. The design includes the addition of several new destination dining experiences, including a modern steakhouse, a casual quick-serve Italian American experience and an authentic Asian noodle bar and eatery. Existing venues Big Kitchen food court and The Pub sports bar will also transform into new, high-end food concepts. The plan also includes development of a new parking garage to significantly enhance the guest arrival experience while also providing visitors with direct and convenient access to the casino and its amenities.
The entertainment venue will be the first-of-its-kind in the region, hosting A-list performers and events in a spectacular 5000-capacity setting with unrivaled views, cutting-edge acoustics and dedicated amenities. MGM Resorts is renowned for its entertainment offerings as the third-largest ticket seller for live performances in the US and the capacity to seat more than 100,000 people a night across entertainment venues around the world. MGM Empire City’s entertainment venue will boost the region’s economy, attracting new events to the market and bringing together locals and tourists alike.
A commercial casino license will also enable MGM Empire City to introduce The BetMGM Sportsbook & Lounge, offering guests lively game day experiences with a 112-foot wrap-around LED screen, stadium seating, VIP areas, multiple betting kiosks and food and beverage operations.
“MGM Resorts has a long and proud history of delivering world-class entertainment and gaming experiences, and we couldn’t be more excited to build on that track record at MGM Empire City. A full-scale casino and entertainment destination will provide unparalleled experiences, create thousands of jobs, boost the state’s economy, and be a game-changer for the entire region,” Bill Hornbuckle, President and Chief Executive Officer of MGM Resorts, said.
Yonkers Mayor Mike Spano said: “This is a momentous opportunity for the City of Yonkers, and I’m excited for the future, knowing the development of MGM Empire City will create thousands of good-paying union jobs and the economic growth that will ensure our city continues to flourish and prosper. Already drawing millions of guests annually, this development plan will solidify Empire City’s status as a premier entertainment destination. Generations of Yonkers residents have worked at, enjoyed, and supported this historic property for 125 years, and I am excited about the significant impacts this project will have for residents now and for the next 125 years.”
Ed Domingo, General Manager of Empire City Casino, said: “When MGM Resorts acquired Empire City Casino in 2019, we knew we were becoming stewards of a historic institution that has served generations of New Yorkers as a gathering place for entertainment, a source of jobs for the community, and a driver of economic development. As MGM Resorts prepares to enter its sixth year at the helm of this iconic property, we are excited to be able to combine the knowledge we have developed of the New York market with our expertise as a global entertainment brand, to bring the next chapter of New York’s entertainment landscape to the incredible community we are part of.”
With 31 destinations around the world, MGM Resorts offer best-in-class hotels and casinos, state-of-the-art meeting and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings, sports betting and online gaming operations.
American Airlines
MGM Resorts International Teams with USO and American Airlines for 13th Annual Salute to the Troops at Mandalay Bay
More than 100 wounded warriors and their guests to visit Las Vegas over Veterans Day weekend
MGM Resorts International (NYSE: MGM) will host the United Service Organizations (USO) Experience: Salute to the Troops, honoring more than 100 active-duty service members who have been injured in the line of duty beginning Friday, November 10. Now in its 13th year, the five-day celebration will take place at Mandalay Bay Resort and Casino.
In partnership with USO, American Airlines will fly these honored guests and their families to Las Vegas for an extended holiday weekend with MGM Resorts International providing accommodations, meals, entertainment and other amenities free of charge.
As with previous years, hundreds of MGM Resorts International employees and other supporters will gather to greet the group during a special Wall of Gratitude welcome procession at Mandalay Bay.
“We are deeply grateful for the commitment and sacrifice that members of the armed forces and their families continue to make for our nation,” the President and Chief Executive Officer for MGM Resorts International, Bill Hornbuckle, said. “In recognition of their bravery and dedication, we are honored to extend a world-class guest experience as a tribute to these remarkable heroes.”
Salute to the Troops will feature a variety of activities, events and excursions throughout Las Vegas and southern Nevada including a welcome dinner, tours of the Hoover Dam and Red Rock Canyon, a visit to Mandalay Bay’s Shark Reef Aquarium, Luxor’s Blue Man Group and more.
MGM Resorts International remains committed to supporting military members and their families year-round including actively recruiting and employing military men and women. The company earned a top 25 ranking in Military Times’ 2022 Best for Vets: Employers list and is a proud member of the Veteran Jobs Mission, a coalition of companies aiming to place one million United States military members and veterans into meaningful and rewarding careers.
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