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\tThe company that runs the Cosmopolitan of Las Vegas on the Strip on Friday reported a $25.5 million net loss for the fourth quarter of 2013.<\/p>\n
\tThe quarterly net loss for Nevada Property 1 LLC, the parent company that operates the $3.9 billion casino-resort, is less than the $30 million loss it reported for the same three-month period in 2012.<\/p>\n
\tThe quarterly report also noted that net revenues for the October-December 2013 period hit $151.7 million, up more than $10 million, or about 7.6 percent, over the $141 million reported for the fourth quarter of 2012.<\/p>\n
\tFor 2013, the Cosmopolitan reported a loss of $94.8 million on net revenues of $652.5 million. That\u2019s an improvement over 2012, as the earnings report said there was a $106.6 million net loss on net revenues of $595.2 million in 2012.<\/p>\n
\tThe Cosmopolitan reported a healthy jump in casino revenues in 2013, as casino revenues increased more than $31 million over 2012\u2019s numbers, trending up from $124.2 million to $155.5 million last year, about a 25 percent increase. The 110,000-square-foot casino includes 1,325 slot machines and 121 table games.<\/p>\n
\tHotel revenues also increased in 2013, jumping from $240 million in 2012 to $267.6 million last year, according to the earnings report.<\/p>\n
\tLikewise, food and beverage revenues increased in 2013, showing a bump from $306.2 million in 2012 to $313.8 million last year.<\/p>\n
\tThe earnings document listed three financial pluses for 2013:<\/p>\n
\t\u2014 Gross revenues of $771.5 million last year were a 9.7 percent increase over 2012 numbers.<\/p>\n
\t\u2014 Adjusted EBITDA in 2013 of $103.3 million was a $37 million increase over 2012.<\/p>\n
\t\u2014 The average daily hotel rate was $275 in 2013, compared to $259 in 2012. Meanwhile, the hotel occupancy rate hit 90.2 percent, up from 85.6 percent in 2012.<\/p>\n
\tThe Cosmopolitan expects revenue growth in 2014 from several projects that opened in late 2013. In late-December, the resort opened Rose. Rabbit. Lie, a 23,000-square-foot social club. In late December, the resort also opened a 65,000-aquare-foot, 3,000-seat multi-use event center, The Chelsea.<\/p>\n
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