The Cosmopolitan of Las Vegas announced this week that it was joining the likes of Caesars Entertainment, Wynn Las Vegas and MGM Resorts and implementing a pay-to-park program for all vehicles that make use of their parking space. MGM Resorts started charging for valet parking and self-parking earlier this year and a number of other casino operators quickly followed suit.
The Cosmopolitan did not confirm when the new parking policy will come into effect but confirmed that charges will be $10 for 24 hours or more; $10 for 4-24 hours and $7 for 1-4 hours. These prices might be increased during peak periods and special events, with event pricing time fixed between 4 pm to 11 pm. Nevada residents will not be given any special discounts on parking charges.
Executives from the Cosmopolitan of Las Vegas stated that they were forced to introduce paid parking as they found that their free parking spaces were being utilized by guests from competing hotels. Bill McBeath, the Chief Executive Officer for the Cosmopolitan of Las Vegas stated that the decision was made after a data analysis was performed on the underground self-parking garage.
The parking garage stores all of the information digitally and showed that an increase in the utilization of parking spaces did not result in an increase of business that should be associated with the increased in parking. The Cosmopolitan of Las Vegas will implement a tie-based system and provide members who have a Sterling or higher status and belong to the Identity Membership and Rewards program free parking which is subject to availability.
In a statement, McBeath said “I don’t like to be a follower, but we have now been impacted by our competitors’ charging for parking. We are a repository for their programs, and this latest phase will make it unbearable for us. We only have 3,700 spaces here, and 80-90 percent of our employees park off-site and are shuttled back and forth. Parking is not a luxury for us. We have the minimum amount parking, by code, you can have in this building. We can’t afford to have people not spending money in our building parking here because our neighbors have kicked them out of their garages through their fee structure.”
Caesars Entertainment and Wynn Las Vegas announced on Nov 29 and 30 that they would start charging for paid and valet parking in an effort to give guests a better experience. Boyd Gaming, Station Casinos and the Las Vegas Sands Corp have stated that as of now they do not have any plans to introduce paid parking at their casino resorts.