The Cosmopolitan of Las Vegas

The Cosmopolitan opened 2010 (built by Deutsche Bank after the original developer's bankruptcy; sold to Blackstone in 2014). In May 2022, MGM Resorts acquired operations from Blackstone for $1.625B; the underlying real estate was sold to a three-party consortium of 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 VICI).

References

1. MGM acquires Cosmopolitan ops from Blackstone, May 2022. Real estate to BREIT/Stonepeak/Cherng. Wikipedia.