The company stated that it will enter into a 30-year lease agreement, including three 10-year renewal options, with a partnership among Stonepeak Partners, Cherng Family Trust and Blackstone Real Estate Income Trust, Inc. The partnership will acquire The Cosmopolitan's real estate assets. Per the agreement, MGM Resorts will pay an initial annual rent of $200 million, increasing annually at 2% for the first 15 years and the greater of 2% or the CPI increase (capped at 3%) thereafter. The deal is subject to closure of the transaction.