According to the WSJ (sorry, registration required), the Related Companies, no stranger to distressed Vegas developments, is looking at the Cosmopolitan project.
Thanks to Brian for the tip! Happy Easter!
Categories: Business of Gaming, Casino Design, Las Vegas Strip
Tags: bellagio, citycenter, cosmopolitan, lasvegas, related, vegas
The article mentions W Hotel as being one of the partners with Related, "Related, led by real-estate tycoon Stephen Ross, has teamed with Starwood Hotels and Resorts Worldwide Inc.'s W Hotel group and an unidentified casino operator to try to take over the $3.9 billion hotel-condominium and casino project." Didn't W Hotel briefly try to get a hotel/casino project going at Koval and Harmon?
This makes perfect sense and most likely will be a steal for the W hotel chain! If you look at the design of the building it is easy for W to rebrand it and make it their own. How does the gaming license get passed to another owner? The failed Koval/Harmon project was mainly due to the rising construction cost. W hotel belongs on the strip and is a perfect fit. I guess we will just wait and see if they pony up the dough. Would is cost them 3.9 billion or would the be able to get it cheaper just like the housing market here in vegas?
I like the bit about the unidentified casino operator. For the sake of argument, let's call him Kevin Johnson. Keep his face is the shadows, do a reveal as the music gets dramatic, then a smash cut to black. Credits.
I've been watching too much Lost.
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