Cosmopolitan condo owners still upset

Buyers of condominiums at The Cosmopolitan of Las Vegas will get the opportunity to tour and close escrow on completed units next month, according to a company spokeswoman and lawyer representing a number of investors.

But all is not what it appears to be, said Lisa Lawrence, an attorney with Lurie & Park LLC in Los Angeles, which represents about 150 condominium buyers.

"What appears to be happening is that buyers will be given an hour or two to inspect their condominiums before they have to close on their purchase," Lawrence said. "But they still haven’t received all the required real estate disclosures."

She said her clients still had not received a soundproofing report commissioned by The Cosmopolitan and recently completed.

"We have to know if the units are soundproofed to residential standards," she said. "It’s required from what I understand. They seem to be pushing buyers into closing on their condominiums."

Lawrence said she had been give different dates in January for when the first units were expected to be ready for inspection and then occupancy. She didn’t know how many of her clients would be willing to close on their purchases.

Amy Rossetti, public relations director for The Cosmopolitan, said Tuesday that all Phase 1 units are completed.

She said closing notices started going out last week and tours will begin next month.

"The closings will be sequenced to allow for orderly closings and staffing, beginning in mid-January," said Rossetti, who declined to comment on matters of pending litigation.

An arbitration hearing had been scheduled for Tuesday. Messages left with Andre Sherman, an attorney with the Los Angeles-based law firm Girardi Keese, were not returned.

Sherman, Lawrence and Sigal Chattah, a Las Vegas-based lawyer with the law firm Sigal Chattah P.C., represent condo buyers in their case against the owners of The Cosmopolitan, Deutsche Bank AG and Nevada Property 1.

On Dec. 14, Clark County District Judge Elizabeth Gonzalez granted an injunction that prevents The Cosmopolitan from renting any of the 214 condos still under escrow until the potential owners had a chance to see those units.

Lawrence said the injunction remains in place. She said it was possible she would seek another court order to force the owners of The Cosmopolitan to turn over the soundproofing report.

The condominiums were not included in the 2,000 units that opened on Dec. 15. In April, Cosmopolitan developers competed a $60 million settlement with more than 400 buyers involved in a class action lawsuit.

When Deutsche Bank paid about $1 billion for the half-finished development in August 2008 buyers had paid deposits of 20 percent to secure one of the planned condominiums, which ranged in price from the high six- to low-seven-figures.

One of those buyers was Benny Perry, owner of Perry Enterprise LLC, a Las Vegas-based real estate brokerage firm. In May 2005, he put down a $116,000 deposit on a condominium valued at around $600,000.

"I want them to repay all of my deposit," Perry said Tuesday. "Did they perform on time? Did they deliver the product they promised? I would have to say no. I have a problem with that."

He said his escrow was scheduled to close in early 2008, even though the resort didn’t put a completion date in his contract. Perry, 57, said he bought the condominium as an investment.

"I don’t know what games they are playing. But this is the worst of the American dream when they try to use their size to force individuals to settle for less," he said.

Perry, who has been negotiating a settlement and the return of his deposit on his own for three years, was undecided Tuesday about whether to hire an attorney to negotiate on his behalf.

Contact reporter Chris Sieroty at or 702-477-3893.

Bellagio, MGM Resorts International’s luxury hotel turns 20
The more than 3,000-room Bellagio hotel is situated on the site of the former Dunes Hotel. The Dunes was imploded in 1993, and construction of the Bellagio started in 1996. It cost $1.6 billion to build, making it the most expensive hotel in the world at the time. The Bellagio was former Wynn Resorts Ltd. Chairman and CEO Steve Wynn’s second major casino on the Strip after The Mirage. MGM Resorts International acquired the property from Steve Wynn in 2000. (Tara Mack/Las Vegas Review-Journal)
Facial recognition software at G2E – Todd Prince
Shing Tao, CEO of Las Vegas-based Remark Holdings, talks about his facial recognition product. (Todd Prince/Las Vegas Review-Journal)
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Bobby Baldwin to leave MGM
MGM Resorts International executive and professional poker player Bobby Baldwin is set to leave MGM.
Caesars has new armed emergency response teams
Caesars Entertainment Corp. has created armed emergency response teams. They are composed of former military and law enforcement officials. "These teams provide valuable additional security capabilities,” Caesars spokeswoman Jennifer Forkish said. Caesars is hiring Security Saturation Team supervisors, managers and officers, according to LinkedIn. The company did not say how many people it plans to hire for the units. (Las Vegas Review-Journal)
Las Vegas, airlines prepare for CES
CES in January is expected to attract more than 180,000 attendees. (Las Vegas Review-Journal)
AGS partners with Vegas Golden Knights
AGS is the nation’s second-largest manufacturer of Class II slot machines used primarily in tribal jurisdictions. It announced a marketing partnership with the Vegas Golden Knights NHL team. (Las Vegas Review-Journal)
Lehman Brothers bet big on Las Vegas
Lehman Brothers collapsed 10 years ago, helping send the country into the Great Recession.
Fremont9 opens downtown
Fremont9 apartment complex has opened in downtown Las Vegas. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
Ross & Snow launches in Las Vegas
Luxury shoe brand Ross & Snow has opened in Las Vegas, featuring "functional luxury" with premium shearling footwear. (Bailey Schulz/Las Vegas Review-Journal)
Remote Identification and Drones
DJI vice president of policy and public affairs discusses using remote identification on drones. (Bailey Schulz/Las Vegas Review-Journal)
Drones and public safety in Nevada
Two representatives in the drone industry discuss UAV's impact on public safety. (Bailey Schulz/Las Vegas Review-Journal)
Frontier Airlines to launch flights from Las Vegas to Mexico
Frontier, a Denver-based ultra-low-cost carrier, will become the first airline in more than a decade to offer international service to Canada and Mexico from Las Vegas when flights to Cancun and Los Cabos begin Dec. 15. (Rick Velotta/Las Vegas Review-Journal)
MGM Resorts International CEO Jim Murren addresses Oct. 1 lawsuits
MGM Resorts International Chairman and CEO Jim Murren addresses criticism his company has received for filing a lawsuit against the survivors of the Oct. 1 shooting. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International opens the doors on MGM Springfield
Massachusetts’ first hotel-casino opens in downtown Springfield. The $960 million MGM Springfield has 252 rooms and 125,000-square-feet of casino. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International prepares to open MGM Springfield
Las Vegas-based MGM Resorts International gave news media and invited guests a preview of the $960 million MGM Springfield casino in Massachusetts. The commonwealth's first resort casino will open Friday, Aug. 24. (K.M. Cannon/Las Vegas Review-Journal)
A Walk Through Circus Circus
It only takes a short walk through Circus Circus to realize it attracts a demographic like no other casino on the Strip: families with young children. (Todd Prince/Las Vegas Review-Journal)
Morphy Auctions, a vintage slot machines seller, wants gaming license
Vice president Don Grimmer talks about Morphy Auctions at the company's warehouse located at 4520 Arville Street in Las Vegas on Thursday, Aug. 16, 2018. (Rick Velotta/Las Vegas Review-Journal)
Nevada's venture capital money doesn't stay in state
Zach Miles, associate vice president for economic development for UNLV, said there’s venture money in Southern Nevada, “but trying to find the right groups to tap into for that money is different.” According to a 2017 report from the Kauffman Foundation, Las Vegas ranked number 34 out of 40 metropolitan areas for growth entrepreneurship, a metric of how much startups grow. With a lack of growing startups in Las Vegas, investment money is being sent outside of state borders. The southwest region of the U.S. received $386 million in funding in the second quarter, with about $25.2 million in Nevada. The San Francisco area alone received about $5.6 billion. (source: CB Insights)
Neon wraps can light up the night for advertising
Vinyl wrap company 5150 Wraps talks about neon wraps, a new technology that the company believes can boost advertising at night. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Nevada on the forefront of drone safety
Dr. Chris Walach, senior director of Nevada Institute for Autonomous Systems, talks to a reporter at NIAS's new Nevada Drone Center for Excellence of Public Safety, located inside the Switch Innevation Center in Las Vegas. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
Motel 8 on south Strip will become site of hotel-casino
Israeli hoteliers Asher Gabay and Benny Zerah bought Motel 8 on the south Strip for $7.4 million, records show. They plan to bulldoze the property and build a hotel-casino. Motel 8 was built in the 1960s and used to be one of several roadside inns on what's now the south Strip. But it looks out of place today, dwarfed by the towering Mandalay Bay right across the street.
Project billed as one of the world's largest marijuana dispensaries plans to open Nov. 1
Planet 13 co-CEO Larry Scheffler talks about what to expect from the new marijuana dispensary, Thursday, July 19, 2018. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Oasis Biotech opens in Las Vegas
Brock Leach, chief operating officer of Oasis Biotech, discusses the new plant factory at its grand opening on July 18. (Bailey Schulz/Las Vegas Review-Journal)
News Headlines
Add Event
Home Front Page Footer Listing
You May Like

You May Like