Another Resort Casino?

The newest resort-casino of Las Vegas, the Cosmopolitan will likely be the last of its kind. The $3.9 billion hotel- casino owned by Deutsche Bank, is scheduled to open its doors in December, and have two-thirds of it operational. Operation of the remaining one-third will commence by July 2011.

In comparison to many other hotels, the Cosmopolitan’s features are closer together.

“I think this really changes how a major casino-resort in Las Vegas is set up,” chief executive, John Unwin told The Associated Press. “It’s still big, but it’s not 15 minutes in terms of getting around the casino.”

Unwin become the chief executive in October, having previously served as the general manager of Caesars Palace. He has stated that the construction of the Cosmopolitan is fully funded, and the plans are in place to complete the hotel for July 2011.

When completed, the 8.7 acre property will feature 2,995 hotel rooms, 100,000-square foot casino featuring first of their kind Casino Cabanas, 3 pools with different atmospheres, and 300,000 square feet to accommodate retail, restaurant, and entertainment space which will include 13 restaurants, a 1,800-seat theatre, spa and fitness centre, a nightclub, as well as convention center. The Cosmopolitan is also the second Las Vegas hotel to feature an underground parking garage.

In August 2008, 3700 Associates LLC headed by developer Ian Bruce Eichner entered foreclosure. Deutsche Bank paid $1 billion for the half-finished development, and hired The Related Cos. to complete construction of the hotel.

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