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13 June 2011
3 a.m.
The Cosmopolitan opened in December, positioning itself as the anti-Strip resort. Six months later, it is still enjoying a strong positive buzz, but nonetheless lost $50 million in the first quarter, primarily because of poor gaming revenue. Here are three things that Cosmo is doing well, and three challenges.
Related story: Is the Cosmopolitan too big to fail?
1. Enjoyable, big-city design (+)
David Rockwell used the property’s smallish, 8.7-acre footprint to his advantage, giving the Cosmopolitan a tight, vertical, urban feel. And from the Chandelier bar to the Vesper to hidden pizza spots to common areas, the Cosmopolitan offers the kinds of surprises one might find exploring a city for the first time.2. Different restaurants, shops, nightclub (+)
The chefs at Cosmopolitan are new to Las Vegas, unlike many resorts that have used the same star chefs time and again. Scott Conant of Scarpetta says he’s driven by the notion of old-school hospitality and cognizance of every guest’s experience. The retail is also new to Las Vegas, including the likes of Melissa Richardson Akkaway’s Los Angeles boutique, Beckley. “It’s all different, cool, small boutiques, and that was most intriguing,” she said. “It’s more like being in a city with interesting stores.” At Marquee, nightclub operator Tao Group risked trying progressive house music instead of hip-hop or top 40. But the crowds, which can be 4,000 to 5,000 on weekend nights, are loving it.3. Hard-to-define coolness factor (+)
The design allows for maximum people-watching, and the people-watching is some of the best in town. Locals are flocking to the place. Some people are dressed like updated Rat Packers. The music acts are cutting edge and the very type that may have skipped Vegas in the past.4. Customer flow (-)
The Rockwell vertical design gives the property its urban sensibility, but it doesn’t funnel the crowds to the slot machines and the tables where thebig money is made. At most Strip resorts, it’s all but impossible to miss the casino floor.5. No database (-)
Cosmopolitan doesn’t have the massive database of gamblers that other companies have. It’s teamed with Marriott, but Marriott customers aren’t gamblers, per se. Caesars Entertainment, by contrast, can lure their repeat customers to a local casino in another part of the country, and then reward them with a trip to Vegas.6. Demographics (-)
The younger crowd is more interested in spending money on entertainment, food and drink than gambling. Also, slot machines have less appeal to gamblers younger than 35, who grew up on sophisticated gaming consoles and view slot machines as dull.Share
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The Cosmo needs to find balance between gaming, entertainment and dining. It will only succeed if the management gets back to basics and quits messing around trying to be hip. NEWS FLASH! It's hip to be yourself. The Cosmopolitan staff should just admit that they are a Hotel/CASINO. Yea, they are a very cool Hotel/Casino but they're trying too hard to be cool. If you're really cool, you don't have to pay people to remind everyone that you are cool.