The Cosmopolitan of Las Vegas is located in Las Vegas, Nevada, and will be a hotel-casino with 3,000 guest rooms and over 100,000 square feet dedicated to casino gambling, and is currently under construction. Featuring the classic table games blackjack, craps, and roulette, The Cosmopolitan of Las Vegas also hosts over 20 restaurants, nightclubs, bars, and ultra lounges.
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Last December, Vegas got about 6,000 new rooms with the opening of three hotels in the CityCenter complex.
Wednesday, the new $3.9 billion Cosmopolitan of Las Vegas resort is due to add about 3,000 more. The sleek new luxury casino resort is located between the Bellagio and CityCenter and was completed with extra funding from now-owner Deutsche Bank after a developer dropped out.
One draw that's rare on the Strip: Some rooms have balconies. Rates officially start at $199, but can be lower on certain dates....read the rest
Las Vegas' neon highway became a bit brighter Tuesday as the Strip welcomed its newest marquee.
Cosmopolitan of Las Vegas Chief Executive John Unwin flicked the switch for the Cosmopolitan's 65-foot marquee at a media event Tuesday afternoon. Comprised of four LED screens, the marquee took more than six months to build.
The 2,995-room, 50-story resort-casino between the Bellagio and CityCenter is planning a soft opening in December with a grand opening celebration on New Year's Eve weekend....read the rest
Deutsche Bank AG will foreclose on the $3.5 billion Cosmopolitan Resort & Casino in Las Vegas after developer Ian Bruce Eichner defaulted on a $760 million loan, two people briefed on the situation said.
Germany's biggest bank weighed selling the complex after Eichner's January default, said the people, who asked not to be named because the discussions are private. Deutsche Bank will take over the Cosmopolitan and is talking with companies including MGM Mirage and Hilton Hotels Corp. to help run its 80,000-square-foot casino, the people said.
Sagging commercial real estate prices, weighed down by record subprime defaults, forced banks to hold projects until prices rise or sell at a loss. The Frankfurt-based bank would oversee an 8.5-acre development with two high-rise towers, three wedding chapels, a sandy beach overlooking the Las Vegas Strip and a deck featuring "European-style bathing."...read the rest
A team that includes New York developer Related Cos. is making a bid to take over the unfinished and financially ailing Cosmopolitan Resort Casino on the Las Vegas Strip, according to people familiar with the matter.
Related Cos., led by real estate tycoon Stephen Ross, has teamed up with Starwood Hotels & Resorts Worldwide's W Hotel group and an unidentified casino operator to take over the $3.9 billion hotel-condominium and casino project. The lender on the project, Deutsche Bank AG, started foreclosure proceedings this month against the developer, Ian Bruce Eichner on a $760 million loan....read the rest
The developer of the Cosmopolitan Resort Casino, a $3.9 billion condo-hotel complex on the Las Vegas Strip, has been notified by its primary lender that it will begin foreclosure proceedings.
The move by Deutsche Bank AG, the lender on a $760 million senior loan, comes after the developer, Ian Bruce Eichner, wasn't able to finalize a deal for new financing amid the credit crunch. Mr. Eichner in late February cut a tentative deal with two of his other lenders, Global Hyatt Corp. and New York hedge fund Marathon Asset Management, for a possible rescue of the twin-tower project....read the rest