MGM acquires operations of the Cosmopolitan

MGM Resorts (MGM.US) shares jumped nearly 3.0% during today's session after the company announced a $1.62-billion deal to buy The Cosmopolitan of Las Vegas from Blackstone (BX.US) which said the casino's performance has been exceeding pre-Covid levels. The transaction separates ownership of the property from the hotel and casino operations, which are being sold to MGM Resorts. The Cosmopolitan has been valued at approximately eight times adjusted earnings before interest, taxes, depreciation and amortization, inclusive of expected operational synergies and identified revenue growth opportunities, MGM said in a note. The deal is expected to close in early 2022 after which MGM Resorts will enter into a 30-year lease agreement, with three 10-year renewal options, with a partnership that includes the Blackstone Real Estate Income Trust, which will acquire The Cosmopolitan's real estate assets. MGM Resorts will pay an initial annual rent of $200 million, escalating annually at 2% for the first 15 years and up to 3% thereafter.

MGM Resorts (MGM.US) stock broke above major resistance at $44.35 and reached its highest level since June 2008. If current sentiment prevails, the upward move may accelerate towards the upper limit of the wedge formation at $48.15. Source: xStation5

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