Vegas hotel bought
PROPERTY investment company Blackstone has made the decision to off-load its Cosmopolitan of Las Vegas hotel to the Cherng Family Trust for US$5.65 billion.
The deal will see the 3,000room Vegas strip property operated by MGM Resorts International, which has payed US$1.6 billion of the price tag for its role in the venture.
The Cosmopolitan includes a casino, the Marquee nightclub, restaurants and a fourth-floor swimming pool.
The final transaction is still dependent on regulatory approval and is projected to close in the first half of 2022.