The Cosmopolitan Of Las Vegas Is Now Part Of The MGM Resorts Family

It's official. MGM Resorts closed the deal to fully acquire The Cosmopolitan of Las Vegas for $1.625 billion, according to a press release from MGM Resorts International.

The closing of this deal officially makes The Cosmopolitan a branch in the MGM Resorts tree, putting another glamorous property under the arm of the company.

"This is a big moment for our company and for the Las Vegas Strip. The Cosmopolitan of Las Vegas has already established itself as one of the Strip's premier resorts with an iconic brand, well-curated experiences and a loyal customer base. We couldn't be more excited to bring them into our portfolio of world-class operations," said MGM Resorts CEO and President Bill Hornbuckle.

MGM Resorts has a 30-year lease agreement with three separate 10-year renewal options, according to a press release by MGM Resorts International. MGM will also pay an initial annual rent of $200 million, which will increase at 2% for the first 15 years.

The news of this acquisition also comes at a time when many Cosmopolitan employees received $5,000 as surprise bonuses a week ago.

"We're also thrilled to have the talented group of CoStars from The Cosmopolitan joining the MGM Resorts family. We look forward to improving upon The Cosmopolitan's already strong results by offering their customers access to the extensive and exclusive amenities and other benefits only MGM Resorts can provide," Hornbuckle said.

Profitable and lucrative? This deal certainly seems so. According to MGM, the Cosmo generated  $1.1 billion of net revenue and $416 million of adjusted earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs.

The Cosmopolitan opened in 2010, according to USA Today. The private New York-based equity firm Blackstone bought the property in 2014 from Deutsche Bank for about $1.7 billion and invested $500 million in renovations.

The hotel and casino contains the famous Marquee nightclub, several restaurants and a swimming pool (which now shows Monday night pool-side movies).

Let's rejoice!

The Cosmopolitan is making ordinary Monday nights into memorable moments packed with cinematic appreciation starting next week.

Known for its festive pool parties and DJ sets, the Boulevard Pool will turn into a perfect evening of relaxation and serenity.

The iconic pool will transform into a "colossal move screen," during the Cosmopolitan's movie nights starting Monday, May 9.

Imagine enjoying movie-themed cocktails and snacks while relaxing on a daybed that overlooks the Vegas strip. Well, this is what Monday movie nights will entail at the Cosmo.

Locals and tourists can simply enjoy the pool while floating away and listening to the sounds of the movie, which will play on the Cosmopolitan's famous marquee sign.

The "Dive In Movies At Boulevard Pool" series will take place every Monday for the summer season. Doors open at 7 p.m. and the weekly movies will start at 8 p.m., according to the Cosmopolitan's website.

Admission for non-hotel guests will be $15. For locals, admission is $10.

Hotel guests or those who belong to the Cosmopolitan's Identity Membership club will receive two complimentary tickets. Attendees must present a room key or a membership card at the box office. Children under 5 will not be charged for tickets, according to the Cosmopolitan's website.

First responders and military members will also be given complimentary tickets upon presenting a valid ID at the box office.

According to the website, guests are welcome to bring their own blankets, and lounge seating is available on a first come, first serve basis. Outside food and beverages will not be allowed, but refreshments are available for purchase.

The entrance to the Boulevard Pool is located on the third level through the Boulevard Towers escalators. The box office is also located on the third level of Harmon Hall.

The beautiful pool will remain open throughout the movies' showings. Guest will be able to take laps in the pool or simply float along the water's surface as some of the best cinematic masterpieces are showcased across the Cosmopolitan's marquee.

These Monday nights are the perfect mini staycations to escape the Vegas heat. So pack your pool bags now and get ready for next Monday! Click here to reserve a daybed or cabana for the movie nights.

Scroll down below to see the Cosmopolitan's full movie schedule for this upcoming season.