Las Vegas has built a reputation for hosting unconventional ideas and promotions that tend to be a hit with both the domestic market and tourists. Vegas is also the biggest gambling hub in the United States and its casinos are known for introducing unique events to create a buzz in the industry and help each casino to capture as much market share as possible.
Penthouse Suites
The Cosmopolitan of Las Vegas recently opened its 21 Boulevard Penthouse suites which are located on the top floors. The floors have been closed for a number of years but the Cosmopolitan is not opening it out for its patrons and based on the criteria to qualify – these luxury suites might be the most expensive rooms in the world according to Ovation Travel specialist Jack Ezon.
The penthouse suites have balconies that provide room occupants with a splendid view of the Vegas strip and the Bellagio fountains. The interiors have been designed by Adam Tihany and apart from a number of special benefits and amenities; there are also bottles of Louis XIII Black Pearl cognac which are around $56,000. Patrons become eligible to occupy these penthouse suites when they place a minimum buy-in of $1 million at the VIP lounge.
Some of the benefits of staying at one of these penthouse suites include personalized gifts such as hard to find cigars, a rare bottle of bourbon, a white grand piano in the living room, chauffeured airport transfers in luxury vehicles and a specialized culinary team who will cater to any food requests that the guests might have.
Eligibility Criteria
Las Vegas properties are known for renting out their suites at high prices but placing a $1 million buy-in requirement is very uncommon even in Vegas. To get an example of some of the other top penthouse suites in Vegas, the villas and suites at the Bellagio and MGM range between $15,000 and $20,000. The Nobu Hotel villa which was designed by David Rockwell and is situated on top of the villa rents at $35,000 per night and is one of the costliest villa’s in Vegas.
The Cosmopolitan believes its pricing strategy will help the presidential suites to add between 10 to 20 percent to its bottom line. The hotel is very strict in evaluating patrons who want to occupy the suite and they have to go through a clearance check which includes submitting documentation of their net worth, go through a security clearance and submit relevant information to the Nevada Gaming Commission to get approval to be a part of the ‘Reserve’ which is the VIP lounge at the Cosmopolitan. Once this approval is provided, patrons can then make their $1 million buy-in and qualify to rent out the penthouse suites.
 High Rollers Are In Decline
The marketing strategy adopted by the Cosmopolitan is questionable considering the fact that the VIP gaming market is on the decline and there could be a very limited number of VIP gamblers who are willing to stake $1 million as a buy-in. The majority of VIP gamblers in the recent past have been from Asia and in particular from China.
Casino operators in Las Vegas worked closely with junket operators and promoters to attract these high-rollers from China to their properties as they were big money spenders and highly likely to spend hundreds of thousands of dollars on each trip.
China recently cracked down on gaming operators who are trying to lure Chinese gamblers to their properties. One example of this crackdown was when China arrested 19 employees belonging to Australian based Crown Resort who had employed them to promote their domestic properties and bring over these high-rollers.
Exceptions Can Be Made
The Cosmopolitan senior vice president of casino operations Brian Benowitz stated that one of their marketing strategies were to get guests to stay overnight as patrons who stay also pay more. Benowitz pointed out that the $1 million dollar buy-in could be a bit too high for some patrons, especially those who are interested in slot machines.
The Cosmopolitan would make an exception to these patrons who spend less on slot machines but are frequent visitors to the casino. If they spent more than $100,000 on one of their trips, they could be given access to one of the penthouse suites. The management states that on weekdays, the suites might be unoccupied but that’s part of the opportunity costs. However these suites on weekends tend to be in very high demand according to Benowitz.

Tight Poker Staff

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For nearly two decades, we’ve provided the best in class for poker site reviews, top online poker bonuses, strategy tips, poker news, and exclusive free poker content.  Consisting of a team of poker and gambling experts, we deliver the best online poker brand experience for players of all levels, from the fish to the sharks.
For nearly two decades, we’ve provided the best in class for poker site reviews, top online poker bonuses, strategy tips, poker news, and exclusive free poker content.  Consisting of a team of poker and gambling experts, we deliver the best online poker brand experience for players of all levels, from the fish to the sharks.