Exterior construction on the east and west towers, amenities and Las Vegas casino are continuing as planned. At completion, the 8.5 acres, will house 2,998 hotel condo units within Cosmoplitan.
Last week another development with Deutsche Bank, current owner of the Cosmopolitan Las Vegas transpired. They signed Hilton Hotels Corp. as the hotel casino operator for the $3.9 billion real estate project adjacent to Project CityCenter. Deutsche Bank doesn’t have a gaming license to operate the casino.
Last year the bank became owner after a foreclosure sale sold the high rise condo project for $1 billion. The former owner and real estate developer was Bruce Eichner and company, 3700 Associates LLC.
Due to the redesign delay some three hundred painters were laid off this past week. Negotiations were stalled that same day between MGM Mirage and Deutsche Bank concerning the Cosmopolitan Resort Las Vegas.
The bank wants the hotel management services from MGM Mirage in exchange of almost $1.2 billion necessary financing needed for the completion of Project CityCenter.
MGM Mirage says it has alternative financing option for CityCenter, an equal partnership joint venture with Dubai World, that impacts the bottom line less than Deutsche Bank’s option.
The Cosmopolitan high rise is scheduled opening is the first half of 2010.
Luxury hotel tower construction stops as necessary redesign begins.