I’ve been looking forward to this day for a while now. The sale of Cosmopolitan of Las Vegas is finally a done deal. Now it’s time for Blackstone to get to work. Balckstone has three items on the agenda:
(Jonathan) Gray (Global Head of Real Estate) said Blackstone has a “very simple” business model of “buy it, fix it, sell it.”
Buy it – Check. Now it’s time for the “fix it” stage.
Plans are sparse but here’s what I can put together right now. Blackstone will make some changes you can see and some that you can’t see.
- Casino – Blackstone is “acutely focused” on fixing the casino although no specific plans have been revealed besides that they want to “reinvigorate” the ground floor. Maybe this means expanding the concept of the popular Bond Bar area to other parts of the casino. (see details on Bond Bar pit at Vegas Chatter)
- Leadership – John Unwin is out and William McBeath, a former MGM Resorts International executive is in. He will start as soon as today. Read more about him here.
- New Rooms – 46 new hotel rooms will be added in the west tower. This is smart since they control all of the revenue, unlike clubs and restaurants. The Cosmo also has the highest ADR (Average Daily Room) prices in Vegas. This could generate about $10,000 a week. Not much in the overall budget but it can’t hurt.
- Expect Something New At The Top Of The East Tower – Blackstone says to expect “something creative with unused space at the top of the east tower”. Another club or restaurant with amazing views of Vegas sounds like a good fit here.
The Cosmopolitan is one of my favorite casinos in Vegas. I love hanging out here and am really looking forward to seeing what kind of changes Blackstone has in mind. We can discuss potential buyers next holiday season.
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Las Vegas Writer, Marketer, Consultant. I love Vegas and everything about it. When in Vegas do 3 things: eat, drink & gamble.
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I imagine one of Cosmo’s biggest challenges is getting the looky loos to actually spend money. Wynn does this very well. It seems like people who stop in to see Bellagio or Wyncore actually do something there. Cosmo has a different vibe with everything giving off this pulsating high-end bravado that is fun to walk through but not very inviting to actually spend money. A casino upgrade could help. It’s just not a place I think to play.
I agree. I go there to drink, hang out and eat but never specifically to gamble. Even though I love gambling there it’s the last thing on my mind with everything else to do. It’s a better deal, and more fun, to have a few drinks at Chandelier than to hit the tables there.
Getting the tourists just there to snap a pic in the shoe to spend money is a big challenge.
Cosmo’s biggest downfall is that it was originally planned for condos. I absolutely love staying here, but each time I check in I feel as though there is no need to leave my room. I could sit on that balcony all day and night. Their casino is fabulous, featuring brand new machines of all types. Bellagio’s machines are largely ancient relics, which is one reason I’m not going to stay there again. Cosmo is my absolute favorite and now that they’ve moved to 4 comped nights instead of 2, I’m going to stay there every time I’m in town.
I think you’re right about the condos. I like the changes Blackstone is implementing!