MGM operates (since 2022) · BREIT-Stonepeak-Cherng own the dirt
The Cosmopolitan opened 2010 (built by Deutsche Bank after the original developer's bankruptcy; sold to Blackstone in 2014). In May 2022, [[operator:mgm-resorts|MGM Resorts]] acquired operations from Blackstone for $1.625B; the underlying real estate was sold to a three-party consortium of [[operator:breit|BREIT, Stonepeak, and the Cherng Family Trust]] (~$4B). MGM pays approximately $200M/year in rent. This is one of the most complicated capital stacks on the Strip — and a useful demonstration of how varied the OpCo/PropCo arrangement can be (i.e., not all Strip RE goes to [[operator:vici-properties|VICI]]).
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