The Cosmopolitan Casino Las Vegas is ready to carry on a renovation that is likely to cost the investor a whopping $100 million.Although the gaming company has announced that it is going to carry out the revamp, this is just a beginning.
According to the casino’s executives, the renovation will only touch 2, 895 of the gaming resort’s 3, 027 guestrooms.
Nearly seven years ago, when the facility opened its doors to the public, many people received it as one of the biggest Nevada casinos to have opened.
How The Cosmopolitan Casino Renovations Cost Over $100 Million
Nonetheless, it is the right time to conduct a repair now that some time has elapsed since the facility opened.
The $3.9 billion property during the time it was opened is so far one of the most visited casinos in Nevada leave alone the surrounding area. Even as the executives contemplate of the overhaul, which is not even complete, it is good to remember that things have not been smooth for the resort.
For almost all the time the casino has been in operation, Cosmopolitan Las Vegas has had a rough time from several lawsuits to internal wrangles, a situation that has threatened the shutting down of the gaming facility. At one point, it was almost sure that the casino would close down.
Cosmopolitan Las Vegas Over The Years
Deutsche Bank AG, the original owner of Cosmopolitan Las Vegas, took a bold step sometime in 2008 when it foreclosed the property. But they were not alone. Others who had shares in the resort included a real estate executive who worked with Las Vegas Sands. Towards the end of that year, Cosmopolitan Las Vegas was faced with a lawsuit challenging the legality to use the name ‘Cosmopolitan.’
According to Hearst Corporation, the name was similar to that of their renowned women magazine. Although the case did not see the light of day, a consensus between the women’s magazine and the resort was reached. They both agreed that the gaming facility would be referred to as Cosmopolitan of Las Vegas. That was in a bid to make a difference between the magazine and the gaming resort.
As the resort continued to fight for its name, there was also another intense search. During this time it was about who would be interested in purchasing the gaming facility.
While several gaming and non-gaming companies expressed interest, an apparent conclusion was never reached about the actual price of the property.
Some of those that showed interest in owning the property included Hyatt, Hilton, and Marriott. A year later in 2009, there was yet another court case. This time, the property faced with a lawsuit that was initiated by some 400 homeowners from the surrounding community.
These people feared that their condos would soon be turned into guest rooms. They argued that although they had paid deposits to own the condos, as things were, maybe the resort would decide to change the available space to hotel rooms. Again, the facility reached an agreement with the homeowners before the case would proceed to the court.