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Deutsche Bank finally unloaded the Cosmopolitan resort in Las Vegas, their ill-acquired, under-producing stop at the Las Vegas Strip. The sales price was about $1.73 billion, slightly lower than the bank's assessment of the properties long run debt, and no more than half the bank's investment when it took over the 8.7-acre development from New York's Ian Bruce Eichner for $3.9 billion.
While analysts may hail the sale as an excellent sign for Vegas, the entire loss for Deutsche Bank is substantial, and the valuables has yet to supply a profit, being run as a kitschy resort with a small casino that produces less revenue than the Food and Beverage department. That can change. New buyer Blackstone is definitely some of the world's largest private equity firms, with real estate divisions that experience invested in everything from La Quinta, to Hilton Hotels, to Busch Entertainment (Sea World Parks and Busch Garden Parks). It's unlikely they're going to continue to run the Cosmo strictly as an evening club and restaurant draw. Instead, the 52-story tower with a 110,000-square-foot casino is probably going to rent personnel with an eye fixed towards making the resort's gaming more player friendly. We can see.
I've enjoyed the Cosmo, and the three-story chandelier is something to see, however the casino left me cold. The slots weren't what I USED TO BE looking for, and that i missed staying at a spot with a poker site. After all there is a nice one right round the corner on the Aria, but that takes 20-minutes to get to. As I BELIEVE Blackstone already knows, it isn't just the glitz and glamor, however the game mix that gets players (not only partiers) within the door. Harold's Club was probably the most famous casino within the US for years, and it wasn't fancy. By comparison to today's resorts it was a dump.
By the similar token, you do not need $2500 table games to draw players, you want the games they would like. Some of the popular Asian games within the Pacific Rim is Xóc Dia, and players flock to play the sport that includes nothing quite a lot of painted tokens and a cup and a plate. Need to be some correlation there! I've seen a variety of properties building up and make themselves resorts, forgetting their roots and catering instead to a bunch of holiday makers that want amenities, but not gaming. Then management looks back and asks what's happened to our revenue and says "Gee, our return on investment has dropped considerably." Big surprise.
Read More... [Source: About.com Casino Gambling]
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