Cosmopolitian of Las Vegas reports $54 million loss in second quarter

Cosmopolitian of Las Vegas reports $54 million loss in second quarter

 

The second quarter loss represents a slight improvement from the $56.8 million loss reported during the first quarter, when the Cosmopolitan generated $105 million in revenue. For the first half of 2011, The Cosmopolitan of Las Vegas reported a total loss of $111.1 million.

According to the announcement, Cosmopolitan’s second-quarter revenues totaled $126.1 million. The resort’s restaurants and nightlife continued to pull in more revenue than gambling and its hotel rooms, generating $70.1 million in revenue, compared to  $28.2 million in casino revenue and $45.9 million in hotel room revenue.

Cosmopolitan’s owner and operator, Nevada Property 1 LLC, said in its quarterly financial report the property reported a 91% occupancy rate with average rates of $246 per night, well above the rates of other Las Vegas Strip resorts. Hotel officials added the resort is working to open 448 new rooms in its west tower. The new rooms are expected to welcome the first guests next September.

The company’s filing added that while volume of table games play increased steadily over the three months, The Cosmopolitan‘s revenues continue to be negatively affected by low gaming revenues, and said the resort will continue to focus on supplementing the level of table games play at the property, including a 9,600-square-foot high-limit area with 15 table games and expected to open in November, 2011.

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