Yes, they made a deal. The deal was that the Jockey Club (JC) sold its surface parking lots to what eventually became the Cosmopolitan of Las Vegas. The JC now owns only the two towers that contain the 270 timeshare and condo units. It doesn’t even own the ground under them, since that’s where the Cosmo’s five-level parking garage is.
What did the JC get out of it? Well, it got five years of Cosmo construction noise, dust, and upheaval, plus no self-parking. Also, all the south-facing rooms in both JC buildings look out at a concrete Cosmo wall, literally ten feet away; these rooms are dark, as little sun penetrates beyond the 10-story-high wall.
On the plus side, Cosmo invested $8 million in upgrading, retrofitting, and reconfiguring the JC. That money went, specifically, to upgrading the fire-safety system with sprinklers, strobes, and speakers to comply with new regulations based on the proximity to the megaresort; emergency generators and water tanks were also installed. Both tower entrances were moved from the south to the north side of the buildings, with marble and brass automatic doors. The north access to the new entrances was repaved and the porte cochere was refurbished. The trash chutes were fitted with compactors, reducing four dumpsters to one. The gas meters and electric boxes were moved for easier access; the computer operation was also moved. Employee-only areas were enlarged, providing a better connection between the two buildings for moving linens and cleaning equipments.
The Cosmopolitan paid for 24/7 valet service and two years of overflow parking at Planet Hollywood (until parking spaces became available in the underground garage). JC owners will have their own parking level in the underground garage, with dedicated elevators connecting the garage to the JC lobbies; they also access the Cosmo casino, with doors on both north and south sides.
Cosmo has also granted the Jockey Club 75 daily pool passes so owners can use the main sun deck and the tennis courts.
In addition, with the profit from the sale of the parking lots, all the JC suites are being upgraded, the health club has been remodeled, and the company’s finances are secure.
It will be interesting to see if the opening of the Cosmopolitan increases the resale value of the timeshare units.
For the history and descriptions of the Jockey Club, including what it’s like to own timeshares there, see QoDs 10/6/09, 3/3/08, and 6/27/07.
