Anewly opened $4-billion Las Vegas mega-resort will test the city’s recession-racked, tourist-based economy, while concluding years of work for 3,220 tradespeople and construction staff responsible for the 2,995-room, 7-million-sq-ft Cosmopolitan Casino Resort. Photo: Bill Hughes The Cosmopolitan was the right hotel-condo-casino at the wrong time, a source says. Characterized in one media report as the city’s “most expensive debacle,” the bank-owned hotel complex, set to open a year late on Dec. 15, epitomizes Vegas’ real estate boom gone bust. Developers broke ground on the project, originally valued at $1.8 billion, in late 2005 with little cash down. The price tag
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.