Cosmopolitan lost $25 million in first quarter
The Cosmopolitan of Las Vegas has reported a $24.7 million first-quarter loss, according to a Friday filing with the Securities and Exchange Commission.
But the hotel-casino reported revenues of $159.5 million, an increase from $143.1 million in 2012.
The Cosmopolitan has struggled since it opened in late 2010. The strip resort lost $56.8 million in the first quarter of 2011. For the final quarter of 2012, the company reported a net loss of $30 million on net revenue of $141 million.
The company also reported an average daily room rate of $273 — well above the $108 Southern Nevada average, and an occupancy rate of 87.8 percent for the year.
Officials of Nevada Property 1 LLC, the Deutche Bank subsidiary that operates the 3,000-room resort, were not available for comment Friday afternoon.