The company that operates the Cosmopolitan of Las Vegas announced its second quarter earnings today.
Company: Nevada Property 1LLC
Revenue: $200 million, up about 17 percent from $171 million in the second quarter of 2013.
Loss: $13.59 million, nearly half as much as last year’s $25.23 million loss.
What it means: The company saw year-over-year increases in casino, hotel, entertainment and food and beverage revenues. The gaming revenue increase was particularly substantial, rising nearly 70 percent from last year to $51.38 million.
Hotel revenue went up significantly as well, rising to $80.77 million this quarter compared to $71.23 million last year. Other increases were more modest: Food and beverage revenue went up to $95.28 million from $90.04 million last year, while revenue from entertainment, retail and other sources rose to $10.29 million compared to last year’s $9.25 million.
But the company’s $211.67 million total operating expenses was more than $11 million higher than this quarter’s net revenue.
In May, the Cosmopolitan’s owner Deutsche Bank announced it was selling the resort and casino to the Blackstone Real Estate Partners for $1.73 billion.
Quote: “Our strategy at the Cosmopolitan of Las Vegas has proven that we are on the right trajectory, as demonstrated by our substantial growth in gaming … Our second quarter 2014 financial performance affirms that the Cosmopolitan of Las Vegas brand and guest experience continue to resonate, and we are extremely pleased to see our unique approach to the Las Vegas market translate into the strong numbers reflected in our earnings report.” — Cosmopolitan CEO John Unwin