\nThe Cosmopolitan of Las Vegas, which is in the process of being sold, grew revenue almost 17 percent in the second quarter and trimmed its quarterly loss.<\/p>\n
\tThe Strip resort, which operates as Nevada Property 1, said in a filing with the Securities and Exchange Commission Thursday it lost $13.6 million in the quarter that ended June 30. In the same quarter a year ago, the hotel-casino lost $25.2 million.<\/p>\n
\tThe Cosmopolitan, which opened in December 2010, has never reported an annual profit.<\/p>\n
\tRevenue increased in all aspects of the resort operations during the quarter.<\/p>\n
\tOverall revenue was $200.1 million, highlighted by a 67.6 percent increase in gaming revenue. Hotel revenue grew 13.5 percent, food and beverage revenue was up 2.5 percent and other revenue increased 12 percent.<\/p>\n
\tCosmopolitan CEO John Unwin said in a statement the property has been more focused on gaming and has grown casino revenue in the past six months by 40 percent to more than $100 million.<\/p>\n
\t\u201cOur strategy at The Cosmopolitan of Las Vegas has proven that we are on the right trajectory, as demonstrated by our substantial growth in gaming,\u201d Unwin said.<\/p>\n
\tIn the first half of the year, Unwin said the resort is \u201coutperforming\u201d the Las Vegas market in both average daily hotel room rate and revenue per available room, a non-traditional reporting figure.<\/p>\n
\t\u201cOur second quarter 2014 financial performance affirms that The Cosmopolitan of Las Vegas brand and guest experience continue to resonate,\u201d Unwin said.<\/p>\n
\tIn May, Cosmopolitan owner Deutsche Bank sold the resort to a subsidiary of the Blackstone Group, a multinational private equity investment firm, for $1.73 billion in an all-cash transaction.<\/p>\n
\tGermany\u2019s largest bank took ownership of the unfinished property in 2008 after its original developer defaulted on a loan and completed the 2,995-room hotel-casino.<\/p>\n
\tThe SEC filing did not discuss the pending transaction.<\/p>\n
\tThe deal is subject to approval of Nevada gaming regulators.<\/p>\n
\tLast week, Producer Spiegelworld filed a breach-of-contract lawsuit that accused the Cosmopolitan of \u201csabotaging\u201d the \u201cVegas Nocturne\u201d show and shuttering its performances at the Strip resort.<\/p>\n
\tIn the SEC filing, the Cosmopolitan operators said the company took a $1.5 million impairment charge for the show\u2019s closure. Cosmopolitan executives said in a statement last week the lawsuit was \u201centirely without merit.\u201d<\/p>\n
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