The History of the Jockey Club
The Jockey Club opened April 1, 1974, as a whole ownership condominium resort comprised of two towers, Ascot and Derby Towers. The condominiums consisted of 348 one and two bedroom suites and six commercial lots within the Ascot Tower. At that time, the Jockey Club was one of the most prestigious properties on the Las Vegas Strip with high end restaurants and shops. In 1974, the condominiums sold for $29,000.00 to $40,000.00.
In 1977, timeshare came on the scene where a group of investors formed Jockey Club Resort Properties. This group began to purchase 30 whole condominiums (per phase) creating a 1/52 divided, deeded interest sales program of one week in a specified one or two bedroom condo., for a specific week of the year. Nine phases of 30 whole ownerships (totaling 270 condominiums) is what makes up the timeshare at the Jockey Club today, which translates into 14,040 timeshare intervals. The remaining 78 condominiums are still whole ownerships, where families live year round, use them as vacation homes, or rent them out nightly, weekly and/or monthly. In 1997, Jockey Club Resort Properties sold out the Jockey Club timeshare intervals and turned the management over to the Nevada Jockey Club Interval Owners Associations, Board of Directors.
At that time, the Board opted to hire Tricom Management to manage the daily operations. In 1998, the lobbies were remodeled and in 1999, the Jockey Club underwent a major suite renovation, replacing everything from ceiling to floor due to the owner base supporting a special assessment.
Over the course of the past 10 years, Tricom Management and the Board of Directors have allocated portions of the Annual Dues to the Replacement Reserve account saving for future renovations. After January 2011, all 270 suites are scheduled to be renovated once more and to be completed after December 2011. This renovation will include flat screen TV’s, over the range microwaves, in room safes, lighting enhancements, all new furnishings, drapes, bedding, carpeting and tile.
Originally, the Jockey Club sat on a total of 10 acres when first constructed. The Ascot and Derby Towers themselves sit on 1.5 acres and the remaining 8.5 acres have been independently owned over the past years. The first owner was Sultan Corporation, then Gold Rush, then Dynasty, then FG-711, then 3700 Associates (original developer of the new Cosmopolitan Hotel). Then, 3700 Associates defaulted on the construction loan financed by Deutsche Bank. Currently, Deutsche Bank is the owner, developer of the Cosmopolitan under a company called NP1.
The Cosmopolitan Hotel & Casino is a property that has 2000 plus hotel suites, a 70,000 square foot casino, restaurants, shops, roof top pools, health club, tennis courts and entertainment venues. To date, the developer of Cosmopolitan has invested over $9 million dollars into the Jockey Club over the past five years. This investment began with upgrading the fire safety system by installing sprinklers, strobes and speakers around the perimeter of each suite as well as all of the common areas and office spaces. Following that project, these other light construction projects occurred: emergency generators and utilities were upgraded; demolition of interior walls (below the pool deck) was completed with tuck under parking; movement of the lobby entrances for each tower (from the south side to the north side) while matching the existing marble flooring and new brass sliding door entries; the Porte Cochere (main entrance) was constructed (setting the tone for the exterior enhancements); the north drive was repaved; and two commercial trash compactors were purchased (one for each tower).
The Cosmopolitan constructed a five story underground parking structure, where the Jockey Club is assigned the 3rd level parking area for 348 private parking spaces (complete with two elevators marked Jockey Club). These elevators will land on the 3rd level parking, on the ground level of the Jockey Club, the casino level of the Cosmopolitan, as well as Jockey Club’s 2nd floor pool deck. Also, the Board of Directors and Tricom Management negotiated 75 daily pool passes for Jockey Club owners and guests to enjoy the main pool area of the Cosmopolitan roof top. When accessing this area, Jockey Club owners will find two tennis courts (previously located on the far west end of the property). The Cosmopolitan is scheduled to open December 15, 2010 with a Grand Opening Celebration scheduled for New Year’s Eve 2010.
The Jockey Club is one of the top timeshare resorts in Las Vegas thanks to our award winning team, loyal owners, dedicated Board of Directors and professional management company, Tricom Management. For timeshare exchange questions, please contact Platinum Interchange. For rental inquiries, Book Online.
