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Cosmopolitan getting early raves
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JESSICA EBELHAR/LAS VEGAS REVIEW-JOURNAL
A couch is seen Dec. 8 in the Chandelier bar in The Cosmopolitan of Las Vegas. The $3.9 billion hotel-casino opened Wednesday to generally positive reviews. » Buy this photo
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LAS VEGAS REVIEW-JOURNAL
Analysts, casino executives and politicians emerged from opening night at The Cosmopolitan of Las Vegas with generally positive impressions of the Strip's newest hotel-casino even as gambling continued early Thursday morning.
Among the executives from Cosmopolitan competitors who came to check out the multibillion-dollar resort were MGM Resorts International Chief Executive Officer Jim Murren and Wynn Resorts Ltd. Chairman and Chief Executive Officer Steve Wynn.
"I thought the place was fun and exciting," Wynn said. "I had great sushi and enjoyed the atmosphere at Comme Ça, which is what I was able to experience."
Las Vegas Mayor Oscar Goodman and his wife, Carolyn, were also among the well-known opening day visitors.
"I was very impressed with the decor, very impressed with the crowd, and very impressed with the martini they made me," Goodman said. "I was just on the floor but the decor is wonderful. It looks like a party place."
The hotel-casino is one of the last to open as Las Vegas tries to recover from a recession that has damaged a region dependent on tourism.
"Ultimately, we believe Cosmopolitan will enjoy good ... retail gaming volume, bolstered by midweek volume in its rooms and an excellent nightlife story," Union Gaming Group principal Bill Lerner said.
Lerner expected that by 2012 the hotel-casino's owner, Deutsche Bank AG, would begin to listen to offers for the $3.9 billion Cosmopolitan from other casino operators, including Pinnacle Entertainment, Isle of Capri Casinos or even Penn National Gaming.
"I expect interest to come from a company seeking exposure on the Strip," he said. "I don't want to pour cold water on a wonderful evening and an incredible place, but I just don't think Deutsche Bank has any interest in being a casino operator."
Lerner said the decision to sell would be driven by the company's desire not to compete "with their own customers on the investment banking side."
Early Thursday a modest crowd of hotel guests and curious tourists continued to wander through the hotel and casino. Gamblers were playing craps or the resort's slot machines.
The Cosmopolitan celebrated its grand opening Wednesday with a series of events from a ribbon-cutting ceremony to a private party at which invited guests sampled food and wine from the hotel-casino's restaurants. The property then officially opened to the public at 8 p.m.
"The design of the property is pretty appealing and there is a lot to keep people involved and very impressed," David Schwartz, director of the University of Nevada Las Vegas' Center for Gaming Research, told the Review-Journal while enjoying the view of Bellagio's man-made lake from a 50th floor private terrace.
He said there were unique touches in the rooms that were not common to the megahotels in Las Vegas. Schwartz also pointed out the unique art and abundant seating within the property's convention space.
"There are books in the room. You expect to see that in a boutique hotel, which you see here," he said. "I was really impressed with the convention space. That could be a difference maker in attracting convention business."
Schwartz also noted the David Rockwell-designed Chandelier Bar and the Bond bar, located next to the northeast entrance by Bellagio.
"The Chandelier Bar and Bond with its LED lights are visually different and have the potential to capture tourists from the Strip," he said.
The Chandelier Bar is three stories tall, with five separate bars that are partially blocked from view by 2 million glass beads. The Bond Bar was designed to offer a mix of art and live performances, featuring installations that can be viewed from inside or outside the bar.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
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knowitall - that is the most superficial perception of the problem I think I've heard. Check out Deutsch Bank recent track record - the money behind the Cosmo - and see if you still feel bilking US citizens is what you want to support.
To "watchout" - it is interesting you would call the investors stupid (investors are you listening?) Here are few current issues Deutsch Bank is facing: http://www.marketwatch.com/story/deutsche-bank-to-pay-554-mln-to-settle-tax-suit-2010-12-21-1343220 You are defending a foreign financial institution in litigation for mortgage fraud - money from US investors. http://www.reuters.com/article/idUSTRE63Q17B20100427 You can defend their business tactics all you want but their record speaks for itself. I think the stupid one here has been redefined. Still want to defend the financial dealings behind the Cosmo? You look foolish.
Looks like Vdara's room rates have been readjusted to NEW all time lows! $105 on some nights. It looks like the beginning of even rougher times for the already struggling CityCenter and a money pit called Vdara!
Looks like Cosmo is the GAME CHANGER, Jim Murren-NOT CityCenter.
When Oscar leaves office, I am sure you will see him at one of our many fine bars begging for a free martini.
Nobody give a sh@#t about the condo owners losing money because most people dont have that kind of money or courage to invest-so jealousy is what is left.
To Malousnormal and pory 39....If the bank didn't finish the property then you are correct. The potential buyers should get 100% of their money back as the bank would have broke contract. However, the bank did finish the property and in an RJ article not too long ago, the Cosmopolitan mapped 300 condo units for these greedy idiots to buy the condos. These greedy and stupid buyers obviously signed a stupid contract. From all that has been made public it looks like the buyers have two choices: 1) buy the condo for the contract price or 2) take 75% of the deposit back and forfeit the purchase. Like knowitall said below, they are 25% ahead taking the deal. Besides, I doubt any of them could qualify for a loan or have the cash to complete the transaction in this economy. If the buyers push for a close and can’t come up with the cash the buyers are in default.
These remaining 200 buyers made an investment. Sometimes you win, sometimes you lose. They should be happy the bank stepped in, finished the project and they have an opportunity to buy it finished. The 75% deal sounds like the banks/judges way of giving these folks a get out jail free card that was not previously in the contract. If the contract said the buyer could walk from the deal at any time for any reason we would not be having this discussion.
What was the judges logic in agreeing to 75% return of down pymt instead of 100% return.
I understand taking a risk in investing in the condo with the potential of the value sinking, but do not understand there was any risk of not returning 100% of your down pymt if the deal fails through no fault of the purchaser.
Why only 75%?
Duane.Dowden- what part of the word investment don't you understand. You should be grateful you were offer the 75%. Considering that Duetcha Bank did not sell you your condo, I can't understand why your mad at them. You made an investment and lost, but your probably better off because if they had built your condo it would probalbly be worth half of what you paid for it. So I figure your 25% ahead.
Yep, thank goodness the court decided that getting 75% of your money back is moral and good...otherwise I might be tempted to think the court is immoral and so is the company that bilked people out of their life's savings....the good guys are the bilkers and the bad guys are those who were taken....I did not invest because I could see this train wreck coming for the last 6 years.....but unfortunately, some invested and are now labelled greedy because they want their other 25% back....odd how a nation of laws is NOT a nation of morals....sick society and sick comment that this bilking was justified because a judge made it ok....
@ Duane.Dowden. You sound like your one of the condo owners. Get over it. There were two class action lawsuits already and federal judges deemed the folks with deposits were only due back 75% of the deposit. The 200 people left are greedy and simply trying get the last 25%. All this has been published in the RJ. These remaining condo owners are bitter and need to accept the deal that a JUDGE already has ordered and quit screwing around trying to ruin a very successful opening of the future of Las Vegas Casinos. GO COSMO! I've been, stayed and played and the place is beyond words. This resort will put the hurt on many in this town.