Make way for the newest mega casino on the Las Vegas Strip, the Cosmopolitan of Las Vegas, which officially opens this coming Wednesday.
But already, observers are wondering if this hotel-casino will have what it takes to survive in a down economy. The Cosmopolitan needs to bring in revenue for its new owner, Deutsche Bank AG, which bought the property out of foreclosure in 2008 and spent $3.9 billion tocomplete the renovations.
They are employing 5,000 people, one official said. The city needs more jobs. “We are hoping they are a huge success.”
When Deutsche Bank seized the property, the bank had loaned Eichner $1 billion. According to regulatory filings, Deutsche Bank has written off about $1 billion of its investment in The Cosmopolitan.
“They brought in their own team and have demonstrated by honoring their obligations that they are here for the long term,” King said.
Soon after acquiring the 8.7-acre site, Deutsche Bank hired its own architects, interior designers and gambling experts to build a world-class casino and luxury resort.
The 100,000-square-foot casino will feature 83 table games and 1,474 slot machines, according to the company.
Next time I’m in Vegas I’ll check it out and report back to you.
Meanwhile, has anyone been there? Let us all know and I’ll print your reaction in this space…good or bad.