The Cosmopolitan of Las Vegas has two sets of owners. MGM Resorts International owns and runs the hotel and casino operations, while the land and buildings belong to a real estate partnership made up of Stonepeak, the Cherng Family Trust, and Blackstone Real Estate Income Trust (BREIT). That split took effect in May 2022, when Blackstone sold the entire property for $5.65 billion and separated the business from the bricks.
Who Runs the Hotel and Casino
MGM Resorts International operates the Cosmopolitan. It closed its $1.625 billion acquisition of the resort’s operations in May 2022.1MGM Resorts International. MGM Resorts International Announces Completion of Acquisition of the Operations of The Cosmopolitan of Las Vegas That deal gave MGM full control over the 3,033 hotel rooms, the gaming floor, the restaurants, and the entertainment venues. Everything a guest sees, books, or spends money on inside the property runs through MGM.
MGM does not own the buildings. It occupies the property as a long-term tenant under a net lease and pays rent to the real estate ownership group.
Taking over operations folded the Cosmopolitan into MGM’s Strip portfolio and gave the resort access to MGM Rewards. At the same time, the Cosmopolitan kept its membership in Marriott’s Autograph Collection, so guests can also book through Marriott and earn Marriott Bonvoy points.2Marriott. The Cosmopolitan of Las Vegas, Autograph Collection That dual-loyalty setup is uncommon on the Strip.
Who Owns the Buildings and Land
The physical property — the land, the towers, the parking structures — is held by a three-member partnership: Stonepeak, the Cherng Family Trust, and BREIT.3Stonepeak. Stonepeak Completes Acquisition of The Cosmopolitan of Las Vegas Stonepeak is an infrastructure-focused private equity firm and leads the partnership. The Cherng Family Trust is the family behind Panda Express, though their role at the Cosmopolitan is purely as real estate investors. BREIT is a Blackstone-managed non-traded real estate investment trust, which means Blackstone kept a piece of the Cosmopolitan after selling it, just through a different vehicle.
BREIT’s continuing ownership stake appears in its SEC filings, which list the Cosmopolitan as part of its net lease portfolio alongside the Bellagio.4SEC. BREIT NAV July 2025 For this group, the Cosmopolitan is a real estate holding. They collect rent, maintain the long-term integrity of the buildings, and benefit from any appreciation in the underlying land. They have no role in running the casino or hotel.
How the Operator and Owners Are Connected
MGM and the landlord group are tied together by a 30-year net lease with three 10-year renewal options, which can extend the arrangement to 60 years. MGM pays an initial annual rent of $200 million, escalating at 2% per year for the first 15 years. After that, the yearly increase shifts to the greater of 2% or the consumer price index increase, capped at 3%.5MGM Resorts International. MGM Resorts International Announces Transaction to Acquire the Operations of The Cosmopolitan of Las Vegas
This is the same asset-light structure MGM uses at several other Strip properties, including the Bellagio and Mandalay Bay. MGM runs a premium resort without parking billions of dollars in real estate on its balance sheet, and the ownership group collects a predictable, inflation-protected income stream backed by one of the largest gaming companies in the world. All revenue from gaming, hotel rooms, food and beverage, and entertainment flows through MGM, and rent is paid out of that revenue to the landlords.
How the Property Got Here
The split-ownership arrangement is recent. The original developer defaulted on a $760 million construction loan from Deutsche Bank during the financial crisis. Deutsche Bank foreclosed in early 2008, spent roughly another $1 billion to finish the project, and opened the resort in December 2010. Running a luxury casino-hotel was not what an investment bank wanted to be doing.
Blackstone Real Estate Partners VII bought the property from Deutsche Bank in 2014 for $1.73 billion, renovated it, and repositioned it as one of the Strip’s top luxury resorts. By 2022, Blackstone sold the whole thing for $5.65 billion, more than tripling its investment, and the sale was deliberately split in two: the operating business went to MGM for $1.625 billion in cash, and the real estate went to the Stonepeak-led partnership for roughly $4 billion.6Blackstone. Blackstone Completes Sale of The Cosmopolitan of Las Vegas That is the structure in place today.