The company that operates the Cosmopolitan of Las Vegas reported its third-quarter earnings today.
Company: Nevada Property 1LLC
Revenue: $188.9 million, up 11 percent from $170 million for the third quarter of 2013.
Loss: $15.3 million, 20.9 percent less than the company’s $19.4 million loss the same time last year.
What it means: Revenue increased in every major category for the resort, which opened on the Strip at the end of 2010. Casino revenue jumped up to $55.5 million, a 25 percent increase from 2013’s third quarter.
On the nongaming side, the Cosmopolitan’s $80.3 million hotel revenue was 20 percent higher than last year’s third quarter. Over the same time period, the resort’s food and beverage revenue increased nearly 3 percent to $83.5 million. And its revenue from entertainment, retail and other sources rose 38 percent to $12.2 million.
Despite those gains, the resort’s total operating expenses stood at about $203.5 million for the quarter, $14.6 million higher than its net revenue. Other expenses brought the net loss up to $15.3 million.
Deutsche Bank, the Cosmopolitan’s owner, announced in May that it’s selling the resort to Blackstone Real Estate Partners for $1.73 billion. Nevada gambling regulators still need to approve the sale.
Quote: “Our third quarter 2014 financial performance affirms that the Cosmopolitan brand and guest experience resonate and we are extremely pleased to see our unique approach to the Las Vegas market continue to translate into the strong numbers reflected in our earnings report.” — company statement