Cosmo construction moving right along

April 9, 2007

In the midst of what some online gambling fans consider to be a real estate cooling period in Las Vegas, the high rises are still in construction. After nearly a year of creating a foundation and planning, construction on the Cosmopolitan building started with its first significant piece – a huge steel beam.

Not a big deal to some online gambling fans out there, but the 50 foot piece of metal is just the beginning and certainly not the end.

Now that the digging and placement of the foundation is finished, those gambling fans in Vegas will start to see new piece added all the time now.

The insertion of the metal beam was part of a Japanese ritual traditional in construction in that country.

The steel is from Japan and a manager of the company that produces it said that the traditional ritual is to ask the local God to make the building strong and secure and ensure cheerfulness for the project.

Nearly a hundred well wishers and workers involved in the construction of the new Las Vegas beauty watched the event. Is worth noting to our online gambling fans out there that this was probably the first time the ritual had been performed in Las Vegas on a Strip casino or construction project.

Also of interest, a time capsule containing manufacturing drawings and blueprints were also signed by engineers and buried at the site of the construction.

In Las Vegas there are quite a few projects underway as always, this project, spanning some 8 acres is located next to the MGM Mirage's Project City Center. The Jockey Club also shares the boundaries with the Cosmopolitan site on the north end of the Strip property.

The new building will connect with City Center on the second floor with a perambulator bridge as you see all over the Strip. Cross walks are a way of life in Las Vegas. If any of our online gambling fans have been there they know.

The design is not overwhelming and it seems that it will blend in well with the surroundings – if you can believe that a Strip property is not gaudy that is.

In the plans, the new property will have two towers at nearly 600 feet in height each. There, online gambling fans will see the condos and hotel rooms. As any property on the Strip – it will also have a massive casino. The regular amenities, spa, restaurants, shops and more will all be located there as well.

It is also being reported that the price tag so far is about $415 million.

Selling and taking of condo deposits were extremely popular when they started pre selling in 2005. Currently, they are ninety percent sold (condos) as the real estate market is chilled.

As far as condo management is concerned, Grand Hyatt will manage that aspect of the property. It looks like a 2010 opening at this point. Cosmopolitan will manage the hotel and casino. 

The Cosmopolitan initially broke ground in October 2005. As we have mentioned the foundation took about one year to create and complete. The excavation is known as one of the most complex and deepest in Las Vegas.

Materials such as the concrete and bolts lining the foundation are the structural frame work for a 4,000-space underground parking garage and casino and shops that will front towards the famed the Strip.

The vice president of field operations for the construction company that poured the foundation said this project is highly complex and a total challenge to any construction company.

Indeed this is a project that will go down in the books. The construction company is also constructing the neighboring Project City Center (MGM Mirage), making plans such as a structure staging area that in design is extremely user friendly for coming visitors.

Many great minds have been involved in the groundwork for this massive and impressive new property on the Vegas Strip. While we have to wait 3 more years to look at the finished work, we are already excited to see Vegas continue to grow.

It is a curious notion to see what the deals are on the remaining 10% of unsold condos are - we don’t anticipate much as we understand well over a billion dollars in sales have already taken place. Considering the project has not cost nearly that much, we are certain the condos will sell.

We see new online casinos and gambling sites growing fast, but land based casinos are a work of years.

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