LAS VEGAS (CN) – People who made deposits to buy condos in the unfinished Cosmopolitan Resort Casino say developers failed to complete the project on time and refuse to return their deposits.
Daniel Watt, Douglas Krinsky, Janine Hogg and Sanjay Varma claim in Clark County Court that they and others made 20% deposits from 2005 to 2007, with the promise that the Cosmopolitan would be finished in late 2007 or early 2008.
But the original developer, 3700 Associates, defaulted on its loan, and the property was sold at public auction for $1 billion to Nevada Property 1 on Sept. 3, 2008.
Construction is still not complete. “Under Nevada law, this delay in completion is unreasonable and constitutes a material breach of the agreement,” the lawsuit states.
Plaintiffs want the contracts rescinded and their deposits back.
They are represented by Terry Coffing with Marquis Aurbach.