Last week a deal was announced that Blackstone Group will sell the Cosmopolitan of Las Vegas. MGM Resort International acquires the operations of the Cosmopolitan for nearly 1.6 billion USD while the real estate will be split up between three separate companies including Blackstone. One of these firms is Cherng Family Trust, the multi-billion dollar single family office of the Panda Express founders Andrew and Peggy Cherng. The deal is expected to be closed by the end of next year.
Cosmopolitan sale no big surprise
The Cosmopolitan sale comes as no surprise. Blackstone Group, the current owner of the casino and hotel complex have made several multi-billion dollar deals with MGM on the Strip in the past few years including buying the Bellagio, MGM Grand and Mandalay Bay from MGM Resorts in separate multi-billion dollar deals and leasing them back to them. MGM has announced that it will pay an initial annual rent of 200 million USD to the new owners.
Cherng Family Office as frequent investor in Las Vegas real estate
Cherng Family Trust is known for direct private equity and venture capital investments as well as a focus on real estate. In 2018 the Panda Express founders aquired what now is the Waldorf Astoria Las Vegas from MGM and they also have a 214 million USD stake in the multitower CityCenter complex. Now they teamed up with Blackstone Group and Stonepeak Partners as the new real estate owner of the Cosmopolitan of Las Vegas.
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