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July 22, 2014

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New Cosmopolitan owners reveal plans for their recently acquired Strip hotel

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Leila Navidi

The Chandelier Bar at The Cosmopolitan of Las Vegas on Friday, Dec. 10, 2010.

Cosmopolitan Opening Ceremony

A view of the Chandelier Bar at The Cosmopolitan of Las Vegas on Wednesday, Dec. 15, 2010. Launch slideshow »

The New York real-estate bankers who have committed $1.7 billion to purchase the Cosmopolitan of Las Vegas celebrated the deal over Memorial Day Weekend at Victor Drai’s new Drai’s Beach Club and Nightclub atop the Cromwell boutique hotel at center Strip.

The execs with the realty investment fund Blackstone told me that it’s not their first foray into Las Vegas. In addition to a previously unknown equity position in the Cromwell and Drai’s Beach Club and Nightclub, they also have made a substantial billion-dollar-plus investment separately in Caesars Entertainment.

They also confirmed our earlier Vegas DeLuxe Wicked Whispers & Racy Rumors reports that they will merge one of their hotel investment affinity programs into the Cosmopolitan to reward frequent players and guests.

“We believe that gaming revenues can increase there very quickly by 50 percent,“ I was told. “We have portfolio positions with other leisure travel properties that can be very beneficial to the future of the Cosmopolitan. There will be changes to ensure the property’s profitability in the short term.”

I was delighted to learn that the bankers are regular daily readers of Vegas DeLuxe!

Robin Leach has been a journalist for more than 50 years and has spent the past decade giving readers the inside scoop on Las Vegas, the world’s premier platinum playground.

Follow Robin Leach on Twitter at Twitter.com/Robin_Leach.

Follow Vegas DeLuxe on Twitter at Twitter.com/vegasdeluxe.

Follow Sun A&E Senior Editor Don Chareunsy on Twitter at Twitter.com/VDLXEditorDon.

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