Last year, the CityCenter project, a joint venture by MGM Mirage and Dubai World, was supposed to reinvigorate the gambling industry in Las Vegas. The
Now, the Cosmopolitan of Las Vegas hotel-casino will become the latest facility attempting to turn around Sin City's fortune. On Thursday, the Nevada Gaming Commission unanimously approved the Cosmopolitan for a gaming license in Nevada. The license approval now means the gaming establishment can move forward with plans to open.
Las Vegas has been hit hard by not only the economic recession, but also by competition from other states where casinos have been built. Gamblers no longer need to travel across the country to do their gambling, instead choosing to stay closer to home.
The Cosmopolitan has a 100,000 square foot casino and almost 3,000 rooms. The casino also contains eighty-three table games and 1,500 slots. The facility has a planned opening date of December 15th of this year.
Many analysts had predicted that the CityCenter opening would bring curious gamblers back to Las Vegas, but that did not materialize. The Cosmopolitan will likely be the last new facility built in Las Vegas in the near future, so its impact must be strong to help the city's casinos.
Over the past two years, revenue has dropped at Las Vegas Strip casinos by ten and nine percent. The new year was supposed to be different, but so far in 2010 the struggles have continued. The economy has only improved minimally, and gamblers have resorted to spending their limited extra income closer to their residents.
The Cosmopolitan has high expectations of where their revenue figures will fall, and some analysts believe the numbers may be too high to achieve. Others contend that the numbers are reachable, but that the Cosmopolitan must do a strong job of marketing their resort.
October 21, 2010
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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