However, the condo component was largely scrapped by the time of the resort's opening. A partnership was announced in April 2005 for Hyatt Hotels to operate the Cosmopolitan's hotel and condo hotel units under the Grand Hyatt name. Sales began in February 2005, helping to finance construction of the resort. The majority of the resort's rooms were planned as condo hotel units. The project was expected to cost $1.5 billion, with the opening initially scheduled for late 2007 or early 2008.

Further details about the project, including the Cosmopolitan name, were released in November 2004. The development group purchased the future site of the resort for $90 million, from a company controlled by Margaret Elardi, former owner of the New Frontier. The developer, 3700 Associates, was a joint venture formed by David Friedman (a former Las Vegas Sands executive), Ian Bruce Eichner (a real estate developer), and Soros Fund Management. Plans for the property were first announced in April 2004. The resort operations were sold to MGM in 2022, while Cherng and Stonepeak joined Blackstone as owners. Blackstone made numerous changes which improved gaming revenue, and the company also negotiated a deal with the Culinary Workers Union, whose members had protested at the resort over the lack of a union contract. Deutsche Bank sold the resort to The Blackstone Group in 2014, for $1.7 billion. The resort proved to be popular, although casino revenue lagged behind other amenities. The Cosmopolitan opened on December 15, 2010, and at $3.9 billion, it was the most expensive Strip resort built up to that point. The resort's interior underwent several redesigns, and plans to include a condo hotel component were ultimately scrapped.

Deutsche Bank helped finance the project, and eventually took over ownership in September 2008, after the original developers defaulted on a loan. Construction on the hotel towers began in April 2007, following excavation work for an underground parking garage. The project was announced in 2004, by a joint venture that included real estate developer Ian Bruce Eichner. The resort includes a 100,000 sq ft (9,300 m 2) casino and 3,033 rooms across two towers, as well as a 3,200-seat performance theater and various restaurants. It is owned by The Blackstone Group, Stonepeak Partners, and Cherng Family Trust and operated by MGM Resorts International. The Cosmopolitan of Las Vegas (commonly referred to simply as The Cosmopolitan or The Cosmo) is a resort casino and hotel on the Las Vegas Strip in Paradise, Nevada.

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