The Cosmopolitan of Las Vegas (commonly referred to simply as The Cosmopolitan or The Cosmo is a resort casino and hotel on the Las Vegas Strip in Paradise, Nevada. It is owned by The Blackstone Group, Stonepeak Partners, and Cherng Family Trust and operated by MGM Resorts International. The resort includes a 100,000 sq ft casino and 3,033 rooms across two towers, as well as a 3,200-seat performance theater and various restaurants. The project was announced in 2004, by a joint venture that included real estate developer Ian Bruce Eichner. Construction on the hotel towers began in April 2007, following excavation work for an underground parking garage. Deutsche Bank helped finance the project, and eventually took over ownership in September 2008, after the original developers defaulted on a loan. The resort's interior underwent several redesigns, and plans to include a condo hotel component were ultimately scrapped.
The Cosmopolitan opened on December 15, 2010, and at $3.9 billion, it was the most expensive Strip resort built up to that point. The resort proved to be popular, although casino revenue lagged behind other amenities. Deutsche Bank sold the resort to The Blackstone Group in 2014, for $1.7 billion. Blackstone made numerous changes which improved gaming revenue, and the company also negotiated a deal with the Culinary Workers Union, whose members had protested at the resort over the lack of a union contract. The resort operations were sold to MGM in 2022, while Cherng and Stonepeak joined Blackstone as owners. Plans for the property were first announced in April 2004. The developer, 3700 Associates, was a joint venture formed by David Friedman (a former Las Vegas Sands executive), Ian Bruce Eichner (a real estate developer), and Soros Fund Management. The development group purchased the future site of the resort for $90 million, from a company controlled by Margaret Elardi, former owner of the New Frontier. Further details about the project, including the Cosmopolitan name, were released in November 2004.
The project was expected to cost $1.5 billion, with the opening initially scheduled for late 2007 or early 2008. The majority of the resort's rooms were planned as condo hotel units. Sales began in February 2005, helping to finance construction of the resort. A partnership was announced in April 2005 for Hyatt Hotels to operate the Cosmopolitan's hotel and condo hotel units under the Grand Hyatt name. However, the condo component was largely scrapped by the time of the resort's opening
A groundbreaking ceremony was held on October 25, 2005. Perini Building Company served as general contractor. The Cosmopolitan was built on 8.5 acres, considered small in comparison to most Strip resorts. The minimal acreage necessitated a vertical design. In January 2006, Deutsche Bank provided a $415 million loan to finance excavation for an underground parking garage. Perini spent approximately a year excavating 60 feet below ground. Construction on the hotel towers began on April 9, 2007, with the placing of the first steel beam. In total, the project would use 41,000 tons of steel.
The Cosmopolitan property surrounds the Jockey Club timeshare buildings to the north. The resort was built on what used to be the parking lot for the Jockey Club, whose residents were provided parking space beneath the new resort. County building planners had concerns about the project's density; its hotel towers were built directly alongside the Jockey Club, separated by five feet at the closest point.
In January 2008, the Cosmopolitan's developer defaulted on a $760 million construction loan from Deutsche Bank, and resort officials sought to raise an additional $400 million for construction.With the Cosmopolitan facing foreclosure, Hyatt partnered with project lender Marathon Asset Management to buy out Eichner and complete the resort. However, Hyatt and Marathon could not come to an agreement with Deutsche Bank, which began foreclosure proceedings in March 2008. Hyatt had no further involvement in the project, and Deutsche Bank was unable to attract any other buyers. The Cosmopolitan opened on December 15, 2010. A grand opening celebration took place a few weeks later during New Year's Eve, with performances by Coldplay and Jay-Z. The hotel opened with 2,000 of its 2,995 rooms, the remainder expected to be open by July 2011. Ahead of its opening, the Cosmopolitan had run Surrealist and sexualized advertisements, which generated a mixed response but nonetheless created publicity for the resort.
The Cosmopolitan struggled in its early years amid the aftermath of the Great Recession. It was the last new resort to be built on the Strip until the completion of Resorts World Las Vegas in 2021. #wtedens. https://www.cosmopolitanlasvegas.com
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