Despite declining revenues on the
The casino, which was constructed to the tune of $3.9 billion, was still in the building stages when its original developers entered foreclosure due to the recession. The German lender stepped in and purchased the property in 2008 for just $1 billion.
Some of the questions in the presentation pertained to Deutsche Bank’s corporate role in the project. Some of the bank’s executives will serve on a board especially created to manage the Cosmopolitan.
The new casino resort will incorporate nearly 3,000 rooms on 8 acres of land, while the 100,000 square foot casino will include 83 table games such as poker and blackjack, as well as 83 table games.
The casino is set to open officially a couple of weeks before the end of the year, as planned, and the developers are planning a huge New Year’s Eve party with a number of top names in the performance business, such as Jay-Z (Mr. Beyonce) and Coldplay. But while the casino will be ready to play in, one third of the hotel rooms will not be ready for occupancy until July, 2011.
Expectations are high that the casino resort will do well, despite the fact that gambling revenues in Vegas fell 10.6% in 2008 and 9% a year before. Casino executives are relying on the Cosmopolitan’s prime location and it partnership with Marriott International to keep the project viable.
“I think they [our expectations] are at the high end of the spectrum but they are certainly achievable,” said the CEO of the Cosmopolitan, John Unwin.
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