The Cosmopolitan of Las Vegas recently announced that it is planning a major upgrade that is estimated to be over $100 million. The Cosmopolitan is joining several other properties on the Strip in refurbishing interiors amidst a tourism boom.
Patrick Nichols, senior vice president of strategy and business development said that the revamp was the first since the property’s opening around seven years ago and will involve a complete upgrade of its nearly 3,000 rooms.
The Cosmopolitan of Las Vegas
The two-tower Cosmopolitan began renovating the Boulevard Tower in June and plans to complete it by end-2017. Work on the Chelsea Tower will begin in January next year and be completed by late 2018. The hotel room upgrade follows a recently completed multi-million project to convert 21 concrete shells that were present on the top floors of the Boulevard Tower into luxurious penthouses for high rollers.
Nichols said that the latest renovation project will involve stripping down the rooms down to the drywall. Along with new furniture and fixtures, the casino operator is planning on adding 65-inch TVs as well as iPads to every room.
The iPads can be used by guests to order room service, necessities like towels and other such housekeeping facilities. Lighting controls in room as well as the TV can also be regulated using the iPads. Nichols said that the total cost of the renovation program is likely to be much higher than $100 million.
He pointed out that The Cosmopolitan had dedicated as much time in choosing the room designs as it will be dedicating for the actual upgrade. According to Nichols, the casino operator asked for design suggestions from 20 companies in 2016. Eight companies were shortlisted from this list and thereon four. It spent around $2.5 million to build 14 model rooms in order to help in its final decision-making process.
With Las Vegas experiencing strong growth trends in tourist visitations, casino operators now have the cash flow to invest in property renovations. Nicholas said that occupancy rates for most high-end hotel-casinos on the Strip were at around 97 percent at the moment. Caesars Entertainment Corp. which is in the process of exiting bankruptcy has already initiated a renovation program. It recently completed a room makeover at the Planet Hollywood spending in excess of $100 million and is also planning on launching a similar overhaul for the Flamingo. The company also has plans to upgrade Bally’s.
MGM Resorts International is also in the midst of renovating the 3,000-room Monte Carlo property and is investing around $450 million, while Las Vegas Sands Corp which upgraded hotel suites at The Venetian in 2015 is revamping rooms at the Palazzo.