Cosmopolitan announces ‘small’ layoff at Strip casino
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14 February 2012
6:52 p.m.
The Cosmopolitan of Las Vegas, which has reported casino volumes smaller than some peers, said Tuesday it laid off an undisclosed number of employees.
“In evaluating our business needs, we have determined it was necessary to make a small reduction in staff, less than 1 percent of our total workforce. These reductions were centered in the gaming operations department,” the company said in a statement.
With nearly 4,200 employees, according to a regulatory filing, that would indicate the layoffs involved some 40 or fewer positions.
The announcement appears to be one of the first significant changes at the Las Vegas Strip resort since Thomas McCartney, a veteran of the Tropicana and other resorts, took over as chief operating officer Jan. 1.
The nearly 3,000-room property opened in December 2010 and since then has generated most of its revenue from lodging and food and beverage operations as opposed to some resorts where casino revenue is the largest cash generator.
This has caused Cosmopolitan executives to work on initiatives to boost casino revenue such as developing a high-limit table games area well after the grand opening.
The Cosmopolitan hasn’t yet reported fourth-quarter financial results and the Deutsche Bank-owned resort hasn’t yet disclosed how successful the initiative to grow gaming revenue has been.
During the third quarter, the Cosmopolitan reported a loss of $58.5 million.
Separately, the Cosmopolitan said it premiered a new chapter in its Just the Right Amount of Wrong television advertising campaign during the Grammys on Sunday.
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I'm shocked!! Give me a break. If they would have a Casino executive run the gaming we could have improved the #S. I've been there and the gaming is a joke. The VP is as tight as the model from Sports Illustrate A$$! i predict Cosmo will be sold within a year at a huge loss.
Is it at all possible this relates to the government sponsored tax credits for certain employees expiring? The amount lost would not make a dent in their alleged losses but then again, take a look at who was furloughed and decide for yourself.
According to one of my friends who works there as a part-time dealer, they laid off 30 full time dealers.
The Cosmo is a gorgeous property, apparently has a very competitive nightlife schedule, and the Wicked Spoon is right up there with the Bellagio and Wynn buffets.
Their gaming offerings are not very good in the sense that they're not very player - friendly. Their slots are among the tightest on the Strip as a group ( based on a trip last year ). Their gaming revenue I believe would improve if they'd offer some games that players would enjoy taking a chance on occasionally.
Cheers...
If the Number of Employees is so small, why even make an announcement instead of just downsizing through attrition.
I suspect the "Reporter" did little more than post the "Press Release" instead of investigating the Real Story.
It figures. Cosmopolitan as well as Aria in City Center focus more on the club scene than gaming. It is virtually inaccessible gambling. As a low-paying slot gambler, I merely pass through these casinos since they lack true penny slots. The ones they have have a 5 cent minimum. Clubs are not what I go to Vegas for, it's the cheap thrill of the games and inexpensive, non-club entertainment.
Not every casino is going to cater to the low roller.
There is something in this town for everyone at all levels.
Just because it is not right for you does not make it wrong. Find the casino/club that works for you and enjoy it.
Small layoff, baloney. Not to the 40 who are getting the axe.
Union!!!!!
One of the reasons Vegas isn't doing as well as it did in it's heyday is that it stopped catering to the value-conscious gambler. There are casinos popping up everywhere these days. Why pay for an expensive plane ticket to Vegas when you can gamble in your backyard? I personally go to Vegas for the cheap slots, buffets, scenery, and comped cocktails when I play. I also sometimes get free rooms. The club scene only attracts a small niche one that ignores the over 40 crowd unless you expect them to tolerate the over loud music and overpriced drinks.
30 or 40 full-timers at or near minimum wage....hmmm.... any one of a number of do-nothing paper pushers could have taken a very slight wage cut and saved those jobs.
I get such a weird vibe from the Cosmo Casino. I am a $1/$5 slots player and probably a little older (40's) than the age of the gambler they want to attract, but I bet I spend more money than the youngsters they try to attract to their casinos.
If they do not change the marketing approach for their casino and make it more "player friendly", they might as well close the casino and try to make their money on the hotel and bar/restaurants.
BTW..my luck at the Cosmo is disasterous. I can never even break even at that place.
Be careful not to layoff the people that paid thousands of dollars to your Table Games Director when they got hired. That would be disatrous!!!
Laying off 30 full time dealers and retaining part timers with no benefits? Any wonder the union is breathing down the necks of casinos? Casinos would just love to have every employee working for minimum wage with no benefits.
Laying off 30 full time dealers and retaining part timers with no benefits? Any wonder the union is breathing down the necks of casinos? Casinos would just love to have every employee working for minimum wage with no benefits.
Okay, Kate. We get it: You are seeking cheap entertainment. I'd then suggest that the Cosmopolitan is not for you. I'm not a 20-something, and yet the Cosmopolitan is one of the few places on the Strip I frequent. May I suggest that there are plenty of other spots for you in Las Vegas? Not everyone wants what you do.
Kate Sturgill is right. Michigan wants to open up a ton of casinos, as well as virtually every other casino in America. Vegas did well when casinos weren't everywhere. Now, it may as well just be a desert. Add to the fact that the crime is rising and more lowlives from LA are moving in, and there's no point gambling there anymore. What's worse is that the machines are so tight and the gambling stinks. I'll just go to the Caribbean or Europe instead, lol.
Perhaps if the pit wasn't so preoccupied with chasing away all customers who might have the slightest indication of being capable of using their brains while playing the table games, Cosmopolitan might have more customers.
Similarly, if the constant harassment for player's cards from people who prefer not to bother with cards was reduced, ti might become a more pleasant place to play.
The table games department needs a thorough house-cleaning.
This was the most expensive casino per square foot in history and yet opened with no high limit area and only 80 tables, pretty much a disaster and went bankrupt long before it even was open. Now everyone is shocked they are not making money. "laying off" dealers is industry code for firing full time people who we don't like or who speak up too much about bad management and replacing them with part time no benefit people who won't unionize. Pretty much every casino in Vegas could lay off 40% of staff and close 50% of tables and machines and still function with no problem. Really the rise of the corporate casinos has allowed totally incompetant people to get into key positions and remain there for many years with almost no accountability. If you fired the management at most of these joints they would run themselves pretty much.
Their game floor is too busy to settle down comfortably and play for long hours. They have high visibility action tables next to high traffic walkways, which makes it extremely difficult to focus on the game instead of the constant partying around you
I prefer the Aria over the Cosmo, although it's a bit further down to get there. All in all, however, citicenter is too big for walking tourists. It's certainly nice if you have your condo there , take the elevator down and get everything you want, but the typical Strip tourist probably has enough action and entertainment staying on Center Strip between Venetian/Wynn and Barbery Coast (Bills). That's already loads of action!
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