The planned December debut of Cosmopolitan of Las Vegas shows that investors still believe in the resiliency of hotel business in Sin City.
“The fact that Deutsche Bank plans to move forward with this big project demonstrates the belief investors have in the market,” says Brian Gordon, principal with Applied Analysis, a locally based business advisory services firm.
Gordon adds that since Las Vegas already includes 150,000 hotel rooms, it’s not incredibly significant that a 2,995-room hotel like Cosmopolitan is opening. But it does give planners another option for events. The resort will feature three distinct pool environments, a 110,000-square-foot casino, several restaurants, nightclubs, a spa and many other amenities.
The hotel, which is situated near CityCenter and Bellagio, will offer 150,000 square feet of convention and banquet space.
“We’ll likely see some delayed construction projects move forward very slowly,” Gordon says. “But with the current inventory [of hotel rooms], it could be five years before any major new property is built in Las Vegas.”
