Apollo Global Management (NYSE:APO) and MGM Resorts International (NYSE:MGM) are reportedly interested in acquiring the Cosmopolitan on the Las Vegas Strip. Current owner Blackstone (NYSE:BX) is rumored to be shopping the venue at a price tag of at least $5 billion.
A Bloomberg article out earlier today identifies private equity giant Apollo and MGM as potential suitors for the plush Sin City asset. It arrives several days after Vital Vegas reported that chatter regarding a sale is heating up.
Reports of the integrated resort being for sale surfaced nearly two and a half years ago. They died down as Blackstone went on its own buying spree of Strip real estate assets and high-end casino property deals ebbed following the onset of the coronavirus pandemic.
Blackstone acquired Cosmopolitan for $1.74 billion from Deutsche Bank in 2014 — a fire sale price, because the German bank shelled out $3.9 billion to build the venue.