Nevada Property 1LLC, the owner of the Cosmopolitan of Las Vegas, has announced that its second quarter revenue was US$200m, up about 17 per cent from $171m in the second quarter of 2013.
The casino reported year-over-year increases in casino, hotel, entertainment and food and beverage revenues with gaming revenue increasing by nearly 70 per cent from last year to $51.38m.
Subsequently, losses came in at $13.59m, almost half as much as last year’s $25.23m loss.
Cosmopolitan CEO John Unwin said: “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.”
For the comparable 2014 and 2013 reporting periods, casino revenues increased by 67.7 per cent as compared to the three months ended June 30, 2013. The table games hold percentage for the three months ended June 30, 2014 was 16.6 per cent, an increase from 9.1 per cent for the three months ended June 30, 2013. “Our focus continues to be on supplementing the level of table game play at the Property, from both domestic and international customers. We also continue to focus our efforts on increasing the volume of slot play through leveraging our unique Identity program, building our database of slot customers and expanding our alliance program,” Mr. Unwin added.
Hotel revenues grew 13.4 per cent compared to the second quarter of 2013 whilst food and beverage revenues for the three months ended June 30, 2014 increased $5.2m or 5.8 per cent.
The Cosmopolitan’s previous owner Deutsche Bank confirmed it was offloading the resort and casino to the Blackstone Real Estate Partners for $1.73bn in May.