MGM Resorts Acquires Operations of The Cosmopolitan in Las Vegas for $1.625 Billion
There has been a lot of activity in the Las Vegas real estate world in the past couple years. And, MGM has been at the center of some of the biggest sales and acquisitions. With MGM Resorts making plans to sell the world famous The Mirage and with a newly approved addition to their resorts empire.
The Cosmopolitan, which is part of the Marriott’s Autograph Collection, will now have its resort operations taken over by MGM Resorts International. This acquisition came at a price tag of a cool $1.625 billion, which was closed a few days ago. This move by MGM could be a sign that the company is looking to focus on its physical casinos in Las Vegas and potentially on high-end gaming.
The Cosmopolitan has three thousand and thirty three hotel rooms in addition to its one hundred and ten thousand square-foot casino. The CEO of MGM Resorts, Bill Hornbuckle, mentioned what a momentous occasion this is for the company and Vegas in general. He is very excited to bring The Cosmopolitan into the MGM brand and feels the resort will flourish under new management.
Hornbuckle cited the resort’s already loyal fan-base and he hopes MGM Resorts will be able to make improvements to the already strong name earned by The Cosmopolitan. The Cosmopolitan will however remain a part of Marriott’s Autograph Collection, meaning it will still retain its Marriott Autograph Lounge, reserved for use by Marriott Bonvoy Platinum, Titanium, and Ambassador Elite members.
So, Marriott Bonvoy members will still be able to receive their membership benefits at the resort. This also includes the ability for Marriott Elite status members to retain their exclusive benefits at the Wicked Spoon buffet, including expedited seating, as well as their potential for upgrades to their rooms, food and beverage credit opportunities, and bonus points. In addition, Marriott Bonvoy points and gift cards will still be valid for redemption at The Cosmopolitan and members will also be able to use their Bonvoy points to pay for their stays.
Sadly, MGM Resorts gift cards are not yet redeemable at The Cosmopolitan. But, the company has indicated this will change in the near future. In addition, The Cosmopolitan gift cards will not be redeemable at other MGM properties.
These benefits from the Marriott will be exclusive to The Cosmopolitan when it comes to MGM Resorts properties because of their partnership for this property. However, MGM Rewards offers have not yet been made available for use at The Cosmopolitan, but that is expected to change in the coming months.
Other cross amenities are not yet available across the MGM Resorts properties and The Cosmopolitan. But that can be expected to change as the partnership progresses. This includes access to the MGM’s Shadow Creek golf facility as well as complimentary parking across the network.
However, all reservations at The Cosmopolitan that have been reserved prior to the sale will still be honored. At this time, the casinos at The Cosmopolitan will still be operating with its own gaming systems in place.
Written by Allie Nelson, our US Sports Betting Industry Expert.
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