John Unwin, who has presided over the Cosmopolitan of Las Vegas since the resort’s opening in December 2010, will leave his role there at the end of the year, according to the Las Vegas Review-Journal. Unwin is preparing to leave just as Blackstone Real Estate Partners prepares to buy the 3,000-room property for $1.73 billion.
In a statement, Unwin said he plans to “shortly announce” his plans for the future.
Deutsche Bank built the Cosmopolitan for $3.9 billion and then was forced to act as owner and operator after the original owner defaulted on the project. Unwin, who previously worked for Caesars Entertainment, said his job was to “create a new type of luxury casino resort that would bring something different to the city while encapsulating the best of what Las Vegas has to offer.
“I have worked with an amazing team over the past five years to achieve that goal,” he said.
Conceived before the recession, when megaresorts in Las Vegas still were considered good investments, the Cosmopolitan has never turned a profit. It has earned acclaim for its nightlife and food and beverage lineups, but its 100,000-square-foot casino has never caught on with the gambling public.
Jon Gray, Blackstone’s head of global real estate, thanked Unwin for reaching a “market-leading position by creating a unique point of view on Las Vegas, a distinctive guest experience and a sought-after brand.”
In a statement, Unwin said the Cosmopolitan “has consistently achieved” the highest average daily room rate and occupancy percentage among its peers. Even casino revenue is on the rise, growing more than one-third in the first nine months of 2014. Blackstone intends to tweak the resort’s gaming operations to maintain the positive trend.
