LAS VEGAS -- With an exciting countdown, the doors to the Cosmopolitan finally opened. Thousands of eager gamblers, tourists and locals walked into the new resort's elegant interior. Inside the 100,000 square foot casino, luxury appeared before their eyes.
Guests who walked through the lavish property expressed awe at the casino's extravagant flooring, high-end restaurants, boutiques, and a hip, modern bar known as the Chandelier.
"It's just stunning in there, and there's food everywhere, and great people, and lots of drinks. It's just really nice," said Cosmopolitan guest Elizabeth Kveton. "It's just a whole new level of experience from what I've had before, so it's really nice."
With so much shine and sparkle, some might say the $3.9 billion Cosmopolitan truly is a jewel on the Strip. The luxury hotel rooms offer plenty of space and spectacular views of Las Vegas Boulevard.
"I think the Cosmopolitan is absolutely beautiful. They've done a fantastic job, very rich, a lot of nice textures and crystals," said Cosmopolitan guest Michelle Burke.
Cosmopolitan executives hope the property helps a city ravaged by the recession. The resort will be the last one to open on the Strip for quite some time. They hope to attract curious tourists, but it may be an uphill battle.
Regardless, CEO John Unwin sees a bright future. "We're all excited to deliver something that's new. I don't really see it as an end of an era. I see it as a beginning of an era. This is really something different, and Las Vegas has a history of reinventing itself every so many years. So, I can think this is a start of a new era," he said.
The Cosmopolitan hired 5,000 employees, but it is unclear if the resort will downsize its workforce once the buzz of its opening subsides.
Economic analysts say the hotel managed to open despite facing early financial difficulties, and it will take several years before the hotel is able to get the returns it wants. The posh building is owned by Deutsche Bank.
"They are financed by a bank, so it's a little bit of a different scenario. They don't have certain financial covenants that the other properties may have, so it's a little bit of a different dynamic with the lender actually owning the property from the get go," said Brian Gordon with Applied Analysis.
Gordon says like other luxury Strip hotels, the Cosmopolitan will likely offer discounted room rates to attract new customers. The Cosmopolitan holds an advantage in its partnership with Marriott International. That means the Cosmopolitan will have access to thousands of customers through Marriott's database.
Unwin says because a bank owns this property, he will have the opportunity to interact with clientele and gauge what they want.
Patrons at the Cosmopolitan are already voicing their approval. "We're here. Things are tough right now. The marketplace is different and changed, but you know what? This is something new. This is something fun, and let's come and joy," said Cosmopolitan guest Bill Zabelny.
