![]() Penn was an unsuccessful bidder to acquire The Cosmopolitan of Las Vegas when MGM Resorts International announced in September that it agreed to buy the resort’s operations for $1.625 billion.Īnd more sales are likely on the horizon. Last year saw a string of multibillion-dollar acquisitions of Strip resorts, capped by MGM Resorts International announcing that it was selling the operations of The Mirage to Hard Rock International for $1.075 billion. Baskow/Las Vegas Review-Journal) National Gaming isn’t ruling out a potential acquisition of a Strip property in the future, but don’t expect them to jump into any sort of high-priced bidding war.Īsked during a Thursday earnings call about the importance of owning a destination property on the Strip, Penn President and CEO Jay Snowden said that “it would be nice to have one in the portfolio,” but stressed the company would not be a bidder in “an irrational competitive bid process.” Penn National Gaming operates The M Resort in Las Vegas.
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