New Name for Las Vegas Strip Resort | IXGAMES

Cosmopolitan Resort is now known as Cosmopolitan of Las Vegas. The new development site under construction on the Strip boasts of 2,995 rooms and along with its new name, it also has a new website — cosmopolitanlasvegas.com. This new name and new website is under the provision of the settlement with the Cosmopolitan magazine owner. Spokeswoman for the property Amy Rossetti is delighted to publicize the new official name of the property development or resort, as released in a recent statement. Any legal issue arising from the change of name has already been taken cared of. Hearst Corporation filed a lawsuit against Deutsche Bank, owner of Cosmopolitan Las Vegas, in June 2008 due to the use of the name, seeing that the magazine has had exclusive use of the name beginning 1886. Hearst Corporation is the multimillion industry that owns Cosmopolitan magazine. Hearst Corporation obtained the trademark rights in 1956 for the sole use of the Cosmopolitan name and had sued the resort owners asking for $500,000 in damages. Hearst had also demanded for a share of any profits made by the resort. Fortunately both sides were able to settle the lawsuit on trademark infringement by December. Any details regarding the settlement haven’t been released to the public however. Troubled past The Cosmopolitan of Las Vegas has suffered through a few slumps in the past, just like many of the Strip projects that were established during the boom period before recession set in. The original owner of the Cosmopolitan Las Vegas is Bruce Eichner and 3700 Associates LLC, based in New York, but after foreclosing the company just when construction was pending completion, the project was taken over by Deutsche Bank for 1 billion dollars. Included in the plan was for the Cosmopolitan to have condominiums, but delays in the project’s completion have led to the complaints of potential buyers, especially those who have already made payment deposits as early as 2005. An agreement has been reached between Deutsche Bank and a few Cosmopolitan of Las Vegas condo buyers. Some west tower buyers however have sued the resort in California demanding about the settlement. Other buyers are given until the 29th of March to make a decision regarding the acceptance of the agreement on the east tower units. The amenities The new development is slated to open to the public in September. It will have a sizable casino of about 100,000 square feet, and a spa that is almost half the size of the casino. It will also have restaurants, a convention center, and almost 3,000 hotel and condo accommodations. The general contractor for the project however has stated that completion on the construction will not take place until the later part of the year. Chief Financial Officer of Tutor Perini (construction company), Kenneth Burk, released a statement regarding their cooperation with Deutsche Bank as well as the associated companies in terms of completing everything by the planned date. Although the company is in search of fill positions in human resources as well as in information technology, no date has been determined yet as to the hiring for many front-line positions.