The construction of The Cosmopolitan started in 2005 and it features 2,000 rooms, with 1,000 additional rooms to open in 2011. Originally, the project was started by Ian Bruce Eichner but since the developer defaulted on loans, lender Deutsche Bank decided to complete the project. The Bank hired the former Caesar’s Palace manager to operate the property.

The new casino is surrounded by casino hotels owned by renowned casino operators MGM Resorts and Caesars Entertainment. “Our goal is to create trips to Las Vegas that otherwise would not have happened,” CEO John Unwin commented. “People like the independent spirit that we have at the Cosmopolitan. We're not part of some big corporation.”

According to Unwin, the casino aims to attract a segment of the American population that believe Las Vegas lacks appeal to artistic, well-educated urban professionals. For that purpose, famous restaurateurs were hired, as well as designer David Rockwell.

The complex includes a 100,000-square-foot casino, 150,000 square feet of meeting space, a total of 14 restaurants and a spa of 50,000 square feet. In spite of the many attractions the new casino will have, many members of the gaming industry are wondering how the casino will manage to attract casino players in the middle of recession and when other casinos and hotels are lowering their rates to lure punters.