As of 2026, the ownership of the Cosmopolitan of Las Vegas is split between a group of real estate investors and an operating giant. The real estate assets are owned by a consortium consisting of The Blackstone Group, Stonepeak Partners, and the Cherng Family Trust (the founders of Panda Express). This group purchased the physical property from Blackstone's primary real estate fund in a massive $5 billion deal completed in 2022. However, the operations of the resort—including the casino, hotel, and restaurants—are owned and managed by MGM Resorts International. MGM paid $1.63 billion to acquire the operations and entered into a long-term 30-year lease agreement with the landlord group. This "split-ownership" model is a standard practice on the Las Vegas Strip, allowing real estate firms to hold the land while hospitality companies focus on the guest experience. For guests in 2026, this means that while the Cosmopolitan maintains its unique "boutique" brand identity, it is fully integrated into the MGM Collection and the MGM Rewards loyalty program, while also maintaining its long-standing partnership with Marriott's Autograph Collection.