MGM closes $1.625B acquisition of Cosmopolitan Las Vegas operating assets; enters 30-year lease with $200M annual rent

MGM Resorts International

Acquired 100% of operating component of The Cosmopolitan of Las Vegas for $1.625B plus customary purchase price adjustments.
Lease with Marker LV Propco LLC: 30-year initial term, three 10-year renewal options, initial base rent of $200M per annum.
Rent escalates 2% annually for first 15 years, then greater of 2% or CPI (capped at 3%) thereafter.
MGM guaranteed Opco's lease obligations; lease requires specified capex spending as % of net revenues over rolling five-year period.
Transaction closed on May 17, 2022; Opco, NP1HK, NP1 Pegasus become wholly-owned subsidiaries of MGM.

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