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Cosmopolitan Starts Off With a Ban

Posted on December 23rd, 2010

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The Cosmopolitan is the latest casino ever to open in Las Vegas. This casino is gambling in commencing operations at a time where the casino industry is under performing, leading analysts to project that the Cosmopolitan needs to be the top performing casino in Las Vegas in order to register a profit. The casino industry in Las Vegas has been struggling since the onset of the recession during the later part of 2007. Since then, casinos have registered dwindling revenues and even losses. To this date, only a handful of casinos report gains, and even then, these gains are only a fraction of what they used to earn.

Most casinos have registered losses but the companies that own these establishments are confident that the casino industry in Las Vegas is showing signs of recovery. Reports for the last few months of this year have shown a meager growth in casino performance in terms of revenue. Though not conclusive in itself, analysts believe that this may be the start of a trend leaning towards recovery. This is precisely what the owners of the Cosmopolitan casino is gambling on. They believe that recovery is on its way and that the Las Vegas market is ready to have another casino. The owners said that if the opening happened last year, it would be catastrophic to the casino.

The Cosmopolitan’s opening was a success, with politicians, casino executives and industry analysts gracing the event. The casino-hotel’s current owner, Deutsche Bank AG, had plans of reselling the casino once it establishes itself in the market. The casino executives who were present in the grand opening were generally impressed with the Cosmopolitan and were positive that the casino-hotel will be able to pull off opening in a troubled market. Among these executives were Steve Wynn and Jim Murren—giants of the casino industry. Steve Wynn, Wynn Resorts Ltd. Chairman and Chief Executive Officer, claims to have had a good time during the opening. “I thought the place was fun and exciting. I had great sushi and enjoyed the atmosphere at Comme Ça, which is what I was able to experience.”, he said.

Las Vegas Mayor, Oscar Goodman, who was also present at the event, was also impressed with the casino hotel. “I was very impressed with the decor, very impressed with the crowd, and very impressed with the martini they made me,” he said. “I was just on the floor but the decor is wonderful. It looks like a party place.” Oscar Goodman and his wife were among the politicians who attended the casino-hotel’s opening. One of the analysts for Union Gaming Group was also present in the event. Bill Lerner is a principal for the group and conducts research and provides analyses on relevant issues. Bill Lerner also gave a positive feedback on the casino and predicts that the Cosmopolitan will be able to pull its own weight. “Ultimately, we believe Cosmopolitan will enjoy good … retail gaming volume, bolstered by midweek volume in its rooms and an excellent nightlife story,” he said.

The casino executives did not grace the event purely for pleasure, though. These executives have conveyed their interest on the hotel-casino. The current owner of the Cosmopolitan, though, is not yet ready to put the casino up for sale. But Bill Lerner predicts that by 2012, Deutsche Bank AG will be welcoming offers from gambling giants. Lerner said that though the Deutsche Bank has done a stellar job so far in the construction of the casino-hotel, he really cannot picture them maintaining operations of the facility. “I expect interest to come from a company seeking exposure on the Strip,” he said. “I don’t want to pour cold water on a wonderful evening and an incredible place, but I t don’t think Deutsche Bank has any interest in being a casino operator.”

The Cosmopolitan’s opening was celebrated Wednesday evening with a private party which opened up to the public at 8pm. Curious tourists and the hotel’s very first guests have been reportedly wandering about until early Thursday. The opening celebrations officially ended with guests feeling positive about the future of the hotel-casino.