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Old 04-07-2010, 01:08 PM
 
Location: Las Vegas
3,728 posts, read 9,476,338 times
Reputation: 1323

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Cosmopolitan of Las Vegas to open mid-December


KVBC-TV
updated 39 minutes ago
The CEO of the new $3.9 billion Cosmopolitan of Las Vegas casino says it will open in mid-December with about one-third of its rooms delayed until July 2011.


Cosmopolitan of Las Vegas to open mid-December - Las Vegas- msnbc.com (http://www.msnbc.msn.com/id/36228205/ns/local_news-las_vegas_nv/ - broken link)

Even more new rooms that will need to be filled

And....apparently, one of the last casinos to be built for a while...
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Old 04-07-2010, 02:51 PM
 
Location: Here and there, you decide.
12,908 posts, read 28,001,815 times
Reputation: 5057
Look on the bright side... more jobs.... and the Cosmo will have great views when CC closes and gets imploded!
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Old 04-07-2010, 04:18 PM
 
Location: North Las Vegas
1,631 posts, read 3,952,539 times
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Here is a link for you to check it out, also it looks like they may be highering, click on join the team.

Las Vegas Luxury Hotel Accommodations & Nightlife - The Cosmopolitan of Las Vegas
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Old 04-07-2010, 10:43 PM
 
6,385 posts, read 11,890,159 times
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They have been hiring a lot of corporate staff for months. Nothing wrong with them opening, the casinos it will inevitably pressure are at the bottom of the food chain.
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Old 04-08-2010, 05:55 AM
 
391 posts, read 1,714,036 times
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Quote:
Originally Posted by Willy702 View Post
They have been hiring a lot of corporate staff for months. Nothing wrong with them opening, the casinos it will inevitably pressure are at the bottom of the food chain.
Yeah, every new resort that opens is going high-end which just pushes all the older casinos down a peg. Mandalay Bay - still a very nice property - has to be considered middle of the pack at best.

But there's always room on the very bottom for the super value deals, especially when rates start to recover in later 2011. Can they survive that long is the question, but they are less concerned about cutting services and just don't have the maintenance expense for upkeep. Now, take a property like Mandalay Bay and I really don't know how you could operate that as a bottom rung value play, although maybe in 10 years you just start letting it deteriorate and then implode it 10 years later.

Also, Fountainbleu will eventually be finished. I'd say that will be the last mega resort for at least 5 years, probably 10. I don't believe Echelon got far enough along to ever be completed, but I'm not sure.
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Old 04-08-2010, 12:25 PM
jpk
 
Location: Redmond, WA / Henderson, NV
531 posts, read 1,864,182 times
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You mean Fountainbleu might open in 5 years? You don't seriously think it's coming on line anytime soon?

And Mandalay Bay 'at best' mid-range? It's got a Four Seasons hotel, for crying out loud. You think it's below Excalibur or Luxor or other mid-range properties?
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Old 04-09-2010, 07:24 AM
 
391 posts, read 1,714,036 times
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Quote:
Originally Posted by jpk View Post
You mean Fountainbleu might open in 5 years? You don't seriously think it's coming on line anytime soon?

And Mandalay Bay 'at best' mid-range? It's got a Four Seasons hotel, for crying out loud. You think it's below Excalibur or Luxor or other mid-range properties?
Top tier: City Center, Bellagio, Venetian, Palazzo, Wynn, Encore, Cosmo, Fountainbleu (maybe 18-24 months, 2/3 complete needing another $1.5B or so Icahn ain't just going to sit on it forever)
Mid tier: Caesars, Mandalay Bay, Hard Rock, TI, MGM
Bottom tier: Everyone else

You can see the top tier is overcrowded, and when a few of those are inevitably knocked down a peg that is putting Mandalay somewhere in the mid to bottom of that second tier. Many hotels now have high-end towers, floors or wings but that doesn't make it a high-end hotel.

You could probably argue there's 2 mid-tiers where the bottom would include the likes of Luxor, Harrah's, PH. So, yeah, considering I'd rank maybe 9-10 overall properties above Mandalay that would make it middle of the pack at best. I don't factor in the little rinky dink places and dives that really are completely different from the mega resorts.
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Old 04-09-2010, 08:38 AM
 
11,177 posts, read 16,024,203 times
Reputation: 29935
Quote:
Originally Posted by ClarkGrisowld View Post
Mid tier: Caesars, Mandalay Bay, Hard Rock, TI, MGM
Bottom tier: Everyone else
TI?!

Seriously?

I'm not sure which of your categories I disagree with more: The fact that you believe that Paris is a bottom tier property, or that you believe that TI is on a par with Mandalay Bay.

TI is nothing more than Bally's with a pirate ship.
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Old 04-09-2010, 09:08 AM
 
Location: North Las Vegas
1,631 posts, read 3,952,539 times
Reputation: 768
Whether you were interested in the Cosmopolitan or not this gives you insight into what is happening in the highrise market, it also address's the issues MGM is having with their CityCenter condo's and how what happens to Cosmopolitan's settlement may influence how MGM will respond to buyers that want their deposits back from their purchase of condo's in CityCenter. .

Cosmopolitan to refund portion of condo deposits

The Cosmopolitan has given new hope to real estate investors desperate to get refunds on deposits for overpriced condos on the Strip.
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Old 04-09-2010, 09:28 AM
 
391 posts, read 1,714,036 times
Reputation: 143
Quote:
Originally Posted by MadManofBethesda View Post
TI?!

Seriously?

I'm not sure which of your categories I disagree with more: The fact that you believe that Paris is a bottom tier property, or that you believe that TI is on a par with Mandalay Bay.

TI is nothing more than Bally's with a pirate ship.
TI is in the bottom half of that mid tier, but I guess a technical definition confused you. I forgot about Paris and a few others.

I'm not making these rankings up. Mandalay is classified as a mid-tier property going by avg room rates, currently at the higher end of that mid-tier but this is before Encore, City Center, Cosmo, and eventually Fountainbleu. That's why I'm saying Mandalay Bay is going to find itself trekking further down that mid-tier to compete. Mandalay Bay is a middle of the pack property among the larger resorts and I don't see where that is debateable.
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