At the Cosmopolitan of Las Vegas, the top four floors of the hotel’s 52-storey east tower offer some of the Strip’s prime real estate. Views from the wraparound balconies stretch for miles, and ceilings soar up to 16 feet. Yet these rooms sit unfinished and have never been occupied by guests.

Now, Blackstone Group plans to transform that space into grand suites in hopes of attracting high rollers from around the world who have largely ignored the property's underperforming casino thus far. The New York investment firm bought the hotel and casino property for $1.73 billion in December from Deutsche Bank.