The Cosmopolitan Casino and Hotel opened today. Don't bother going because you probably will be ripped off.
Several hundred people bought condo's when the project took off, but the project went bankrupt. So, people who bought condos tried to get their deposits back, only to see the Cosmopolitan offer only partial refunds.
From the LVRJ: "I paid my deposit in May 2005 and I was supposed to close on my condo in earlier 2008," said Benny Perry. "I wanted a refund, but they insisted on an offer of 75 percent of my deposit. I rejected it. It's a black and white issue. Either they are right for keeping my deposit or I should receive a refund."
Perry said his original deposit was $116,000. He was joined by other angry condominium buyers who carried pickets under the watchful eyes of hotel security and Las Vegas police officers saying "Stop the Scam," "Deutsche Bank is a Fraud," and "Why would you Gamble here? They Cheat!"
Lori Valencia, who carried a sign asking "Where is my Deposit?" said it's been five and a half years since she put down $140,000 to move into a condominium at Cosmopolitan.
"I want to see my unit," Valencia said. "My unit isn't being built. If it is ... it won't be ready until late 2011."
http://www.lvrj.com/business/condo-buyers-use-cosmopolitan-opening-as-stage-for-protest-111975479.html
So, people who wanted to buy a condo at the Cosmopolitan and put down deposits over a hundred thousands of dollars got screwed. They didn't get their full deposit back. Talk about a rip off. And now, the Cosmopolitan wants to convert the condos into hotel rooms and not give back people who bought the condo's their full deposit back and forget about interest.
So, don't patronize the Cosmopolitan. If they treat you like their condo owners, you will be ripped off big time.
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