Blackstone is selling The Cosmopolitan casino in Las Vegas for $5.7bn, to itself.
The operations of the 3,000-bedroom hotel, casino and restaurant complex will be bought by MGM Resorts International for $1.6bn, while the complex itself will be bought by a trio of investors including one of Blackstone’s own real estate funds.
Blackstone bought The Cosmopolitan from Deutsche Bank for $1.7bn in 2014, less than half of what it cost to build the resort. The German lender had ended up with the deeds at the height of the financial crisis when developer Ian Eichner defaulted on a construction loan.
