The Nevada Gaming Commission on Thursday unanimously approved a transfer of interest that will enable MGM Resorts International to acquire The Cosmopolitan of Las Vegas for $5.65 billion.
The deal is expected to close by Tuesday.
Commission approval was the last regulatory hurdle for MGM to clear in its bid to take over the 3,027-room Strip resort located between two other MGM properties, Bellagio to the north and CityCenter’s Vdara and Aria to the south.
The Nevada Gaming Control Board gave unanimous recommendation of approval on May 4, and the Federal Trade Commission review regarding anticompetitive issues involving the number of properties MGM owns on the Strip ended Monday.
Executives noted that the company has divested several Southern Nevada properties over the years and that The Mirage is expected to be sold to Hard Rock International later this year.
The approval came a day after more than 5,000 Cosmopolitan employees were told they were each receiving a $5,000 bonus for their work.
“That,” MGM Chairman and CEO Bill Hornbuckle said during the meeting, “will be a tough act to follow.”
Hornbuckle participated in the 45-minute hearing online, disclosing that he didn’t attend in person because he was suffering COVID-19 symptoms.
Under terms of the deal, MGM will acquire the operations of The Cosmopolitan for $1.625 billion, while the underlying real estate of The Cosmopolitan will be sold to a group of buyers that includes a Blackstone real estate investment trust.
This is a developing story. Check back for updates.
Contact Richard N. Velotta at email@example.com or 702-477-3893. Follow @RickVelotta on Twitter.