Hi guys, I am Minjia! Welcome back to my
channel. This video I’m going to talk about five most expensive hotels in Las
Vegas. Let’s get into it! Number five the Palazzo Hotel. The Plaza Hotel has about
three thousand sixty eight rooms and opened it on December 20th, 2007. The
developer is Las Vegas Sands corporation, which is owned by Sheldon Alderson.
It took them maybe a year just to build the four stories underground parking
structure. If you have seen my other videos previously, you must know that
it’s very expensive to build underground parking structure. There is another hotel
on the Las Vegas Strip that also has underground parking structure. And that
is the Cosmopolitan. If you would like to learn more about how expensive it was
for the Cosmo to build its 5 stories underground parking, make sure to check
out this video right here, where I mentioned the top 5 development failures
on the Las Vegas Strip. The Palazzo is located right next to its sister
property The Venetian. the two hotels combined formed the second largest hotel
in the world. the Las Vegas Sands corporation also owns a convention
center behind these two hotel. That Convention Center is one of the top five
largest convention centers in the US. The Las Vegas Sands Corporation is
partnering up with Madison Square Garden to build the world’s most high-tech
performance venue behind the Palazzo and Venetian. If you would like to learn more
about this performance venue project called the Sphere, make sure to check out
this video right here. I will also put the link in the description box below, so
you can check it out after finished watching this one. Number four the Bellagio Hotel. The
construction cost of the Bellagio is $1.6 billion dollars. It is actually a little
bit less than the construction cost of the Palazzo, but don’t forget that the
Bellagio opened it in 1998. Almost 10 years before the Palazzo opened, so we need
to factor in the inflation. The developer of the Bellagio is Steve Wynn. Like I
mention all the time in my youtube channel, every building reflects the
taste and personality of the developer test behind it.
Steve Wynn got his college degree in English literature.
He loves Fine Arts, especially Picasso painting. So with his expensive tastes,
the Bellagio was the most expensive hotel ever built in history at the time.
Steve Wynn spent three hundred million dollars on fine arts when he was
building the Bellagio. And if you go to the Bellagio today, you will see the Bellagio
Fine Art Gallery. There is a two-stars Michelin restaurant inside the Bellagio,
it’s called the Picasso. And it has real Picasso paintings in its dining room. So
next time where you go visit Bellagio make sure to check out all of these
beautiful Fine Arts. Number three Wynn Las Vegas. So if you haven’t check out
the development history of the Las Vegas Strip make sure to check out this video
right here, where I talked about how these casino developers shaped the
skyline of Las Vegas. After Steve Wynn built the Bellagio, it was a huge success
and MGM bought out Steve Wynn and took over control of the Bellagio.
So at the time everybody thought that Steve Wynn will not build another hotel
again in Las Vegas, but in 2005 he made a comeback and he built the Wynn Las Vegas.
The construction cost of the Wynn Hotel was $2.7 billion dollars, the most
expensive hotel ever built in history at the time. The hotel has 2,716 rooms, which
means the construction cost is about 1 million dollars per room. What an
expensive hotel! The Bellagio that he built previously has a lot of tourist
attractions like the fountain. But for the Wynn Hotel, he didn’t want to make it
another tourism place. The Wynn Hotel is more for high-end luxury guest who is
willing to pay a premium for privacy and a true five-star customer service. This
hotel covers on a piece of land that is 215 acres and it includes a golf course.
The Wynn golf course is very beautiful. It’s like a mini tropical in the desert.
So next time if you’re staying at the Wynn Hotel, make sure to check out their
golf course it is very beautiful. Number two The Cosmopolitan Las Vegas,
The Cosmo has three thousand seventeen rooms and it opened it in 2010.
Unfortunately this project had many financial and construction difficulties.
The original developer couldn’t secure in the financing to finish the project,
so its lender Deutsche Bank took over the property. One of the reasons why the
Cosmo was so expensive to build, it’s because it has a five-story underground
parking structure. The hotel has been losing money since it opened.
In 2014, Deutsche Bank sold The Cosmopolitan to Blackstone for $1.93
billion dollars. A huge loss from the $3.9 billion dollars
construction cost. And if you would like to learn more about the bankruptcy of
the cosmopolitan and all of the development difficulties behind this
project, make sure to check out this video right here. And I will also put a
link in the description box below, so you can check it out after finished watching
this one. After Blackstone bought the Cosmopolitan, finally in 2015 , the Cosmo
reported a net profit. Personally, I really like the location of the
Cosmopolitan. It has great views. You can if you’re staying at the Cosmo you will
be able to see the Bellagio water fountain, the Eiffel Tower at the Paris
Hotel, or the City Center next door. The interior design is kind of trendy and
modern. It gives you a modern urban city vibe which makes sense because the
original developer is a new york city developer. Unfortunately, the timing was
just horrible. They opened it in 2010 just right after the recession. And i
also think that they overestimated how much revenues they can make from the
casino floor, the nightclub, and the hotels. And the Cosmo has condo
components in it. And it wasn’t a great time to sell condos in las vegas in 2010,
so it was just a project that happened to beat into bad timing. And the number
one is Resorts World Las Vegas! Resorts World Las Vegas is an Asian themed hotel
that is currently under construction on the Las Vegas Strip. Their estimated cost
is $4.3 billion dollars. I understand that the inflation adjusted cost for the
cosmo is $4.54 billion dollars. But since the Resorts World is still under
construction and I haven’t seen another hotel project on the Las Vegas Strip
that under construction budget. And also all
of the other media’s are promoting the Resorts World as the most expensive
hotel in Las Vegas history, so I’m going to rank it number one in my video as
well. Resort World Las Vegas has 3,500 rooms and the developer is a Malaysia
based gaming company called Genting Group. They’re trying to aim at the
luxury hospitality market. And they say they will we defined the luxury center
of Las Vegas. The opening date of Resorts World Las Vegas is the summer
of 2021. So in today’s video I’ve talked about
the five most expensive hotels in Las Vegas. Las Vegas also has 15 out of the
top twenty largest hotels in the world. Thank you so much for watching! I hope
you enjoyed listening to all of these great stories behind Las Vegas hotels. If
you haven’t check out my other videos, make sure to check out the description
box below to see my other videos. Don’t forget to click the like button and
leave a comment below. I’ll see you next time, bye!