The Cosmopolitan of Las Vegas News - Page 18

Nazarian, 39, the visionary behind the Strip’s first major hotel-casino unveiling in four years, quickly learned he had support from the competition for the $415 million renovation of the Rat Pack-era Sahara.

James Packer is forming a company with ex-Wynn Las Vegas President Andrew Pascal and investment firm Oaktree Capital Management to construct a hotel-casino on the 35-acre site where the New Frontier once was.

The Strip resort, which operates as Nevada Property 1, said in a filing with the Securities and Exchange Commission Thursday it lost $13.6 million in the quarter that ended June 30.

Spiegelworld has sued The Cosmopolitan for allegedly sabotaging its critically-acclaimed Vegas Nocturne show.

Bloomberg News Service reported Thursday that Australian billionaire James Packer had acquired a portion of the loan covering the 34.5-acre site and would consider building a hotel-casino on the land.

The deal is subject to approval of Nevada gaming regulators.

Last Tuesday, Caesars announced a five-step plan for eliminating the company’s 2015 financial obligations and reduce the upcoming debts due in 2016 and 2017.

Penn National Gaming, which owns M Resort, is again looking at the Strip for possible expansion opportunities.

Germany’s largest bank, which opened the 3,000-room Cosmopolitan in December 2010 after it foreclosed on the project’s original developer, is reportedly seeking a buyer for the resort.

Lines will be long at Las Vegas sports books when the NCAA Tournament begins today.

Guests staying at the 2,995-room Strip resort will now be able to transfer points between the Cosmopolitan’s Identity program and the Marriott Rewards program.

The $3.9 billion casino-hotel continues to move beyond the normal associated with casino advertising, introducing carve-out ads in Esquire and Vanity Fair as well as offering mints and coupons on United flights and running ads in movie theaters.

The mixed-use property, which is owned by the CEO of SBE Entertainment, Sam Nazarian, and has more than 1,600 guest rooms and suites, is expected to be completed by fall 2014.

The hotel-casino on Friday posted a loss of $19.4 million for the third-quarter, but said it is moving closer to profitability.

The hotel-casino, owned by Deutsche Bank, has not signed a contract with the union almost three years after opening.

For two and a half years, Culinary union organizers and the resort’s owner, Deutsche Bank, have been unable to reach a deal on a contract

After several members of the Culinary Union were caught on video verbally abusing Strip visitors, protests were put on hold for the rest of the month.

The Cosmopolitan continues to post quarterly increases across most of its business segments — food and beverage, revenue per room and average daily room rates.

After four protests outside the $3.9 billion Strip resort since January, the union plans to picket every weekend until it reaches a contract.

The Cosmopolitan of Las Vegas reported a quarterly loss on Friday as casino revenue continued to trail food, beverage and room revenue.