The Delano Las Vegas is owned & managed by the Morgans Hotel Group (in partnership with MGM Grand, owner of Mandalay Bay).
The original Delano Hotel is in Miami Beach, a 1949 art deco landmark in South Beach Miami. See --
http://en.wikipedia.org/wiki/Delano_Hotel

So that's the vibe & customer base (or at least "sizzle") that they're aiming for most likely.

Also found this interesting quote about the Morgans / Delano concept:

"The Morgans Hotel Group, which operates the Delano South Beach hotel in Miami Beach, Fla., previously tried to bring the Delano concept to Las Vegas as part of the failed Echelon casino development."

So ... the adage about "If at first you don't succeed, try, try again" works here.