The Cosmopolitan of Las Vegas

In April 2004, 3700 Associates, LLC purchased about 8.7 acres of land in Las Vegas to develop and operate The Cosmopolitan. In December 2005, the property was transferred to its affiliate Cosmo Senior Borrower LLC (CSB); on December 30 of that year, a subsidiary of Deutsche Bank AG made a mortgage loan to CSB secured by the property.⁠[1][1][1]

On January 15, 2008, the mortgage loan went into default, and the lender exercised remedies against CSB.⁠[1]

On July 30, 2008, Nevada Property 1 LLC was formed to hold the first lien mortgage loan on the property and ultimately foreclose on it. An indirect wholly owned subsidiary of Deutsche Bank AG New York Branch, it acquired the loan on August 29 and, on September 3, acquired the still-under-construction property at a foreclosure sale for $1 billion.⁠[1][1][1][1]

On August 25, 2010, The Cosmopolitan entered into a distribution agreement with the Autograph Collection, Marriott International’s portfolio of upscale independent hotels, gaining access to Marriott’s customer database.⁠[1][1]

At 8 p.m. Pacific Standard Time on December 15, 2010, the first phase of The Cosmopolitan opened to the public. The resort occupies about 8.7 acres and is connected by elevated pedestrian bridges to CityCenter to the south and to the opposite side of the Strip to the east, with ground-level access to Bellagio to the north.⁠[1][1][1]

At opening, the approximately 100,000-square-foot casino had 1,478 slot machines and 77 table games; the 50-story East Tower and 52-story West Tower had a total of 1,998 hotel and condominium-hotel style rooms, plus ten three-story bungalow-style suites. An additional 968 units in the West Tower were scheduled to be completed in phases by August 2011.⁠[1][1][1][1]

On December 19, 2014, Nevada Mezz 1 LLC, an affiliate of Deutsche Bank, completed the sale of 100% of the Class B membership interests in Nevada Property 1 LLC to BRE Spade Mezz 1 LLC, an affiliate of Blackstone Real Estate Partners VII L.P., for cash consideration of $1.73 billion plus an estimate of working capital as provided in the agreement.⁠[2][2]

On May 17, 2022, MGM Resorts International acquired the operations of The Cosmopolitan for $1.625 billion in cash, for a total purchase price of about $1.7 billion including working capital adjustments, and leased its real estate from a subsidiary of Blackstone Real Estate Income Trust (BREIT). The lease has an initial term of 30 years with three 10-year renewal options and a fixed 2% annual rent escalator for the first 15 years; cash rent for the first lease year was $200 million.⁠[3][3][3][3]

As of December 31, 2025, The Cosmopolitan was one of MGM Resorts International’s Las Vegas Strip resorts, with 3,032 rooms and suites, about 112,000 square feet of casino space, 1,104 slot machines, and 102 table games; annual cash rent for the lease year beginning June 1, 2025, was $212 million.⁠[4][4][4][4]

MGM Resorts International (operator): Official website: https://www.mgmresorts.com/ (opens in a new window).⁠[4]