secwatch.observer — SEC 8-K summary
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Issuer:     MGM Resorts International (MGM)
CIK:        0000789570
Form:       8-K
Filed at:   2022-05-17T23:59:59+00:00
Accession:  0001193125-22-153120
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/789570/000119312522153120/0001193125-22-153120-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/789570/000119312522153120/d467458d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-153120

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