Jockey Club--from the horses mouth

[derb]

I called Ellie at JC for the latest.

1. Deutche Bank did take it over.
2. Board and Lawyers have been in contact with Deutche Bank.
3. The bank promised to honor all previous commitments. Indeed, Ellie said
they were much more accomodating than 3700 group.
4. Construction goes on.
5. New completion date???? mid 2010.

I am still high on this project and heres my thinking:

There are about 300 units in the JC. Lets say they average 2 people per unit.

At least once a day they will exit JC thru the casino and return to JC thru the casino. Modestly, thats 1200 visits a day from semi affluent TS owners. 1200 X 365 days = 438,000 patrons walking thru the Casino yearly.

We all know by Vegas standards 438K visits is small potatoes, but if I were the casino manager I would bend over backwards to please them and get them to linger in my Casino.

 

[roadtriper]

Just so nobody missunderstands your first line....
1."Deutche Bank did take it over" (The Cosmo Hotel/Casino)
RT

 

[Fern Modena]

If *I* were the casino manager, I'd make sure that those Jockey Club owners each got some sort of a coupon book at check-in. Nothing insures lingering visits as much as free or discounted buffets, etc.

Fern

 

[atstpier]

Cosmo Pool

The bigger question to me is whether Jocky Club guests will get Cosmo pool privileges. Cosmo pool privileges would add significant value to the units. I can't imagine people wanting to spend much time at the JC pool given towers surrounding it.

 

[derb]

mAYBE ITS JUST MY TIMING BUT i HAVE BEEN GOING TO THE jc FOR OVER 10 YEARS AND I DOUBT I have seen 20 people in the pool during all that time. The pool and weight room was never that enviting.

 

[dougp26364]

Not to rain on anyone's parade but, keep in mind that Duetche is in the process of trying to sell Cosmo, so they can afford to be more "accomadating" than the 3700 group. It's whomever buys the property that will make the difference when it comes to the original contract. As in all cases of business, money talks. Duetche Bank can attempt to insist that old agreements be honored but, when it comes right down to it, they won't push so hard they lose a deal.

 

[Snotick]

We all know by Vegas standards 438K visits is small potatoes, but if I were the casino manager I would bend over backwards to please them and get them to linger in my Casino.

I would think the exact opposite, the Cosmo has a "captive audience" so to speak. All Jockey Club members are going to treat the Cosmo as their "home" casino. (I know I will) I am also concerned with the percentage of actual owners that use their week at JC. I would think an average week would be made up of 30-35% actual JC owners, 60% of renters or people that are doing a one time exchange (and may never come back) the other %5 are full time residents. I dont know if the Cosmo would want to give anyone that just rents a room at JC the rights to use the pool.
Only time will tell. I will be at the JC in 10 days, I am sure they get alot of questions about this, but I will see what else I can dig up.

 

[dougp26364]

I would think the exact opposite, the Cosmo has a "captive audience" so to speak. All Jockey Club members are going to treat the Cosmo as their "home" casino. (I know I will) I am also concerned with the percentage of actual owners that use their week at JC. I would think an average week would be made up of 30-35% actual JC owners, 60% of renters or people that are doing a one time exchange (and may never come back) the other %5 are full time residents. I dont know if the Cosmo would want to give anyone that just rents a room at JC the rights to use the pool.
Only time will tell. I will be at the JC in 10 days, I am sure they get alot of questions about this, but I will see what else I can dig up.

How many rooms does the JC have? Not that many and certainly not enough to effectively support a build such as the Cosmo. You're also making the assumption that everyone, or a majority at least, of those staying at the Cosmo will be gamblers. That may not be a correct assumption. I know that when we go to Vegas on our timeshare stays we do very little gambling. Maybe only $20/day if that.

The typical Vegas tourist seems to spend only 3 or 4 nights, stays in a hotel casino and attempts to build up status with one particular slot club to build status. The object is to receive comps and discount offers for a return trip. Those staying in timeshares really don't have that incentive as they either own their unit of can get an exchange without the need of status through a slot club.

So they may have something of a captive audience but, the questions are, does that audience gamble or just want to use the amenities and, is that audience large enough to influence the bottom line. IMO the answer to those questions is no.

 

[Snotick]

I agree that not all Vegas visitors gamble. That was only part of what I was explaining. Last time I checked everyone eats when they are in vegas, most people see shows, and a majority shop. It just makes sense that if people are staying at the JC the closest place to find those things, is the Cosmo. As the trend the past 5 years in vegas has shown us, properties are trying to make more money on things other than gambling.
I know whenever I have been in vegas, I always frequent the shops, restaurants of the place I am staying. I usually buy snacks/drinks from the gift shop to take up to my room. Also grab a bite to eat, or a cup of coffee at the deli or such. Since JC doesnt have onsite eatery, it would make sense that at 2AM, if I wanted a sandwich I would grabbed something from Cosmo. Not trek out down the strip to another property.
I still have a concern that anyone renting a room for a night at the JC would have access to the Cosmo pool. I dont see Cosmo doing this. I can see them allowing JC owners access. It would invite people to pay $100 a night at JC instead of $200 a night at Cosmo.

 

[Snotick]

Doug, I reread your post, and I think we are in agreement. I was simply saying that the Cosmo would gain nothing by giving extra to JC guests. Guests are already there, and are going to frequent the Cosmo no matter what. I only see them giving access to pools and such for listed JC owners.

I really dont think that many of the people that rent rooms at the JC return there on their next trip, even before construction began. If you read trip reports from years past, most people said JC was ok, giving it high marks for location only. It was largely due to lack of casino, pool, and places to eat on property that most people didnt like it.