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Gambling Not The Main Attraction At Cosmopolitan In Las Vegas

Casino resorts in Las Vegas are built around the premise that if they lure travelers in with low cost amenities, the vacationers will spend their days and nights in the casino. That has not been the case so far for the Cosmopolitan, the facility developed with the expectations of saving Sin City's gaming industry.

The Cosmopolitan was built at a time when the economic recession was doing severe damage to casinos in Nevada. The casino industry had always been immune to the economic conditions in the US, but this time around the recession made a big dent in revenue at Las Vegas casinos.

The Cosmopolitan, along with CityCenter, were supposed to be the saviors. The new facilities would lure gamblers back, and the industry would return to prominence in 2011. That has not been the case as gambling revenue at the Cosmo was lower in the second quarter than the revenue brought in from the resorts hotel rooms and restaurants.

For the second quarter of 2011, the Cosmopolitan lost $54.3 million. The 100,000 square-foot casino brought in $28.1 million during the quarter, while $70.1 million in revenue was made at the restaurants and bars. It is a percentage difference that owners Deutche Bank would like to see reversed.

This year has not been kind to the Cosmo. In the first quarter, the casino resort experienced a loss of $56.8 million. Restaurants and nightclubs were the driving force behind the $105 million revenue the Cosmopolitan had in the first quarter, leading analysts to wonder whether the plan all along was to make the Cosmo more of a social facility.

CityCenter has not done much better in their short period of being pen. MGM Mirage and Dubai World are co-owners of CityCenter, yet the facility has not gained the type of popularity that was expected. The two mega-resorts were being counted on to breathe life into the slumping Las Vegas casino market.

Adding to Nevada's troubles after the recession was expansion that has taken place almost all across the country. Lawmakers have turned to casino gambling as a way of increasing funds for struggling budgets. Pennsylvania, Maryland, Florida, Iowa, Maine, and California are all states that have expanded their casino options in the past two years.

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