Cosmopolitan of Las Vegas To Charge Guests For Parking
The Cosmopolitan of Las Vegas recently announced that it is withdrawing its free parking perks since it was being negatively impacted by neighbouring casinos who are now charging parking fees and also because its parking facilities were being used by guests who parked for free and then went and visited other establishments near the facility.
Parking charges are expected to come into force by early 2017 although the date is yet to be specified.
Both self-parking and valet parking would be charged going forward.
The casino will charge for self-parking: $7 for 1-4 hours, $10 in case of 4-24 hours and $10 when it exceeds 24 hours. Special rates might be applicable at certain times including events and peak hours. Nevada residents would not be eligible for any discounts.
The Cosmopolitan of Las Vegas
A tier-based format is planned, with member of its loyalty program eligible for free parking if they are at Sterling status or higher. Free valet parking will be available for members having Gold status or above. The Cosmopolitan is the latest of the Vegas casinos who have decided to levy parking charges. MGM Resorts was the first to do so earlier this year, followed by Caesars Entertainment and Wynn Las Vegas resort who announced the change recently.
David Schwartz, UNLV Director of The Center for Gaming Research, said that the trend of declining gaming revenue in the Strip could be the reason for the shift in policy. From 59 percent in 1989, profits from gaming have dropped to around 35 percent in 2015. Bill McBeath Cosmopolitan President and Chief Executive Officer said that the casino had decided to act after observing activity levels at its underground parking facility.
In a statement Bill McBeath said
I don’t like to be a follower, but we have now been impacted by our competitors’ charging for parking. We already have metered parking with red-light, green-light meters, and we have all this information stored digitally. All of our slots are red (or, occupied) with an increase in people parking in our building, but no corresponding increase in business levels that would be associated with that parking.
McBeath said that the recent announcements by the two casinos had urged Cosmopolitan management into action. He pointed out that the property had only 3,700 spaces and most employees park away off-site and are shuttled to the resort premises. The parking space was a luxury and there was no way the casino could afford having customers park without spending money at their property.
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