Looks Like There is Going to Be Another Casino in Vegas on the Strip; the Cosmopolitan of Las Vegas is Granted a License (and All They Had to Pay was $3.9 Billion)


Well, well…even in a so-called down economy in Vegas, another Casino is ready to roll the dice.

And why not? It’s a helluva lot of money to be made when the economy turns around.

As it inevitably will.

Nevada gambling regulators ohave approved a gambling license for the $3.9 billion Cosmopolitan of Las Vegas hotel-casino.

The approval was unanimous.

The owner, by the way, is Deutsche Bank AG.

The German lender picked up the property in August 2008 for $1 billion after its original developers entered foreclosure.

The nearly 3,000-room resort on 8½ acres can now open as planned Dec. 15 with a 100,000-square-foot casino, including 1,500 slot machines and 83 table games.

I’ll have to check it out next time I’m in Vegas.

Which I hope is soon.

Things have not gone too well lately for the state’s gambling industry, with gambling revenues along the Strip falling 10.6 percent in 2008 and more than 9 percent in 2009.

There is some good news this year: Revenue is up 2.2 percent for the first seven months this year, but many analysts have warned that a full turnaround is not likely to come quickly.

Jeffrey Burge, the Cosmopolitan’s chief financial officer, said the project thinks its location, and marketing to luxury customers a would help the resort draw customers.

“We will, of course, rely to some degree on recovery in the overall economy,” he said.

Let’s all hope for that.


I’m asking any reader of this posting who has been at the Cosmopolitan… in advance of the formal opening, to let us all know what it’s like.

I’ll print your review.


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