Vegas Cosmopolitan Hotel Loses 140M in 1st Year

Have you ever been in a situation that made you feel that you were thankful that you were not in the eye of the storm? Well that was my feeling when I got to know about the news about the Cosmopolitan Hotel and Casino in Las Vegas. The past year has been one that the owners of the Cosmopolitan would never forget as they incurred a loss of $139.5 million.

Even though the hip casino opened its doors to the public with some happening A-listers like rapper Jay-Z and rocker Brandon Flowers the magic did not work out in the revenue department.

In a report filed on Wednesday, Nevada Property 1 LLC reported that they suffered loss in the year of 2010 even though they managed a profit of $28.6 million in the year 2009. If you are wondering what might have caused the hefty loss, the company has explained that the $116.5 million preopening expenses has been a major contributor for the loss. The marketing campaign alone had cost the company a massive $42 million. Even though the Cosmopolitan is estimated to be worth $3.9 billion, when it opened in December 15, this current loss will certainly be felt by the company. However, they managed to gross $4.2 million in room rates alone throughout the year for their 2,995 rooms.

Even though the reopening costs were blamed as the major cause of loss it makes one wonder because this is a casino that made $4.3 million from gambling in a little less three weeks since it’s opening in 2010. Well as for me I am thinking what is going to happen regular land based casinos once state and federal legislations decide to legalise online gambling? Let us just hope that the Cosmopolitan recovers from its loss to put up a fair fight with the rest of the casinos, in the future.

Worlds Largest Hotel in Las Vegas Planned

In between all the bad news about declining tourist and gambling revenues, some good news has been coming out of Vegas that demonstrates that its still going to be a high end gambling destination for the future.

Africa Israel Group is announcing they have plans to build the worlds largest hotel  - with 6,745 rooms. To give you an idea the MGM Grand in Las Vegas has only (!) 5,690 rooms and other large conference hotels throughout America usually top out at 3,000 rooms.

Worlds Largest Hotel in Las Vegas Planned

Worlds Largest Hotel in Las Vegas Planned

This would be one large hotel built in four towers, under one name - compared to MGM’s CityCenter having more total hotel rooms, yet under four different hotel names, with different management, etc.

The propert is on Harmon Ave – that in 2006,  when Africa Israel purchased  the land, was shaping up to be a Las Vegas Strip East - both sides of the road from Las Vegas Blvd to Paradise Road were to be filled with high end, trendy modern hotels.

Even today there is alot of action on the road - Hard Rock Hotel, MGM Signature Residences, Planet Hollywood and the Planet Hollywood Towers, but with Harrahs owning land on Harmon, and the Africa Israel property the area could be the next best place to be.

Plans havent been submitted yet  . Any construction probably wouldnt even start until 2013-2014 so by that time the recession should be long over and hopefully Vegas will be busier than evers.

Planet Hollywood Resort & Casino

The new Planet Hollywood Resort & Casino presents guests the ultimate VIP experience with 2,600 movie-themed rooms and suites, as well as the chance to immerse themselves in the elite world of celebrity and Hollywood culture.

Planet Hollywood Resort & Casino

Planet Hollywood Resort & Casino

The resort boasts the newest in technology with 5,000 Panasonic high definition plasma televisions in the public areas and guest rooms, together with over 250 hi def plasmas on the main casino floor, an expansive gaming area with all the hottest table games, slot machines, newly opened poker room and, opening this summer, a state- of-the-art Pink’s Race and Sports Book Lounge serving authentic hot dogs from LA’s famous Pink’s.

Nightlife at Planet Hollywood Resort & social establishment is certain to keep the party going with new meeting spots including the additional Lounge with amusement and the most present celebrity happenings named for the entertainment news magazine that has its restricted Las Vegas headquarters on property.

Heart Bar, located in the center of the casino floor is quickly center of the casino floor is quickly of the casino floor is quickly becoming the hot spot to enjoy cocktails and meeting with friends; and, three project  from South Beach Miami’s hottest club operator including, Living Room a sexy lounge.

Opening soon, Privé nightclub and, later in the fall, a third, soon-to-be-announced club from the Opium Group.

Entertainment at Planet Hollywood Resort Casino offers a diversity of sole standing manufacture as well as special events.

At the 7,000 seat newly restored Theatre for the Performing Arts or at the 1,500 seat brand new Showroom guests can enjoy headline concerts, the all new, highly likely The Beauty of Magic starring magician Hans Klokand featuring guest superstar Pamela Anderson and an original production of Stomp Out Loud from the creators of Stomp.

Planet Hollywood Resort & Casino creates dream Las Vegas weddings in The Chapel, a romantic setting for couples to tie-the-knot and fulfill their desires for their most treasured day.

For larger affairs and meetings, the resort has over 75,000 square feet of meeting space including an inspiring Grand Ballroom and a full service business center.

Pampering is an important part of the entire Las Vegas experience and the Planet Hollywood Spa by Mandara has all you need to treat yourself to the ultimate in Hollywood indulgences With field massages, exotic facials, body treatments to calm down and invigorate the body and spirit, a fitness center and a full range of hair, nail services and make-up application, there is something for everyone at the spa.

If tanning and swimming are more your style, the pool deck on the sixth floor of the resort has two over-sized pools, hot tubs, plenty of lounge chairs for relaxing and a seasonal café featuring al fresco dining.

Hard Rock Hotel & Casino

Hotel & Casino makes a toast to Las Vegas and invites everyone to celebrate 2008 at its Cheers Las Vegas! The much-anticipated property-wide open bar event is sure to be the largest ever hosted by the Hard Rock.

Hard Rock Hotel & Casino

Hard Rock Hotel & Casino

“Given the state of the economy, many companies have scaled down or canceled altogether traditional holiday parties,” said Yale Rowe, senior vice president and general manager of operations for the Hard Rock Hotel Casino.

“It has been a very trying year for many, and the Hard Rock wants to give our local community an opportunity to escape the day-to-day grind, if even for only a few hours.

We have great faith in the resiliency of Las Vegas and while much attention is focused on current market environment, we are celebrating everything we have to be thankful for, all we have gifted in 2008 and the future of the Hard Rock.”

Hard Rock Hotel & Casino is undergoing its $800 million expansion project, which will include the addition of roughly 860 guest rooms, including an all-suite 15-story south tower, a 17-story north tower, 60,000 square feet of meeting and meeting space, and approximately 30,000 square feet of casino space.

The project includes the increase of the Hard Rock’s award-winning pool, several new restaurants and bars, a new nightclub, a new and larger Joint live action venue, manifold new retail outlets, as well as a new spa and health club.

As part of the project, the Hard Rock’s existing suites and common areas will be renovated to revitalize the property. The project began in 2007 and is unsurprising to be fully entire by late 2009.

Upon completion, the Hard Rock will have roughly 1,500 fully modern, state-of-the-art rooms and all of the services and facilities of the larger, sometimes unfriendly casino hotels; while preserving an friendly and elite environment with unique advantages such as its world-class pool and comfortable boutique feel.

The Hard Rock Hotel & Casino, newly owned and operated under Morgans Hotel Group Co. (Nasdaq: MHGC) and equity partner, DLJ Merchant Banking Partners, is a premier target entertainment resort located on 16.7 acres situated strategically on Harmon Avenue, one of Las Vegas’ fastest growing entertainment corridors.

Built in 1995 and expanded in 1999, the property is currently undergoing another expansion set for completion in early 2010 more than tripling its current size.

Hard Rock Hotel & Casino offers an energetic entertainment and gaming experience with the services and amenities associated with a boutique luxury casino resort hotel.

Eastside Cannery Casino & Hotel

Eastside Cannery Casino Hotel will add heat to the cool Las Vegas nights with the opening of the highly anticipated ONE SIX Sky Lounge on Friday, December 19.

Eastside Cannery Casino & Hotel

Eastside Cannery Casino & Hotel

Set atop the 16th floor of Eastside Cannery Casino & Hotel, guests will experience inexpensive elegance with the delicious cuisine, exclusive martini and cocktail menu, a fine selection of wines and a lively mix of music while taking in the awe-inspiring views of the famed Las Vegas Strip and downtown.

Eastside Cannery guests will be transported from the property’s industrial era theme to a sleek 11,000 square foot hotspot.

Upon entering ONE SIX, revelers will instantly gravitate toward the expansive 1,700 square foot three-sided balcony, offering exclusive and breathtaking views of the famous Las Vegas skyline.

The cautiously crafted floor design will allow guests to take in the legendary panorama from any location within the venue, including the restrooms.

Designed by the firm Yates-Silverman, ONE SIX is appointed with an eclectic combine of classic motifs and modern furnishings to create an intimate and upscale setting.

The sky lounge features a romantic pairing of warm red hues offset by three large blue, cast glass columns lit from within.

The chairs and chaises in the lounge area create an inviting atmosphere for entertainment and enjoyment of the cozy setting.

The scene at ONE SIX Sky Lounge is driven by Las Vegas nightlife industry veteran Frankie Anobile, noted for opening and operating some of the most victorious clubs on and off the world-famous Strip.

While guests take in the hard to believe sights of Las Vegas, a rotating list of DJs will spin a diverse variety of tunes ranging from Rat Pack remixes to today’s dance favorites.

Guests can kick back in the lounge to enjoy the sounds of the DJ or live it up on the dance floor with the Las Vegas skyline as the backdrop.

  • Hard Rock Hotel Casino

    Hard Rock Hotel Casino

    Hotel & Casino makes a toast to Las Vegas and invites everyone to celebrate 2008 at its Cheers Las Vegas! The much...

  • Eastside Cannery Casino Hotel

    Eastside Cannery Casino Hotel

    Eastside Cannery Casino & Hotel will add heat to the cool Las Vegas nights with the opening of the highly anticipated ONE SIX Sky Lounge...