\nThe Cosmopolitan of Las Vegas reduced its net loss and grew revenue in the third quarter, operators of the Strip resort said Friday.<\/p>\n
\tThe hotel-casino, which operates as Nevada Property 1, said in a filing with the Securities and Exchange Commission that it lost $15.3 million in the quarter that ended Sept. 30. In the same quarter a year ago, the Cosmopolitan lost $19.4 million.<\/p>\n
\tRevenue increased 11 percent to $188.9 million.<\/p>\n
\tThe Cosmopolitan, which opened in December 2010, has never reported an annual operating profit.<\/p>\n
\tRevenue increased in all aspects of the resort operations during the third quarter, including a 25.5 increase in casino operations. The biggest revenue jump came from entertainment and retail, which was up 38.6 percent.<\/p>\n
\tCosmopolitan officials did not conduct a conference call nor release details about the operation because the resort is in the process of being sold.<\/p>\n
\tIn May, Cosmopolitan owner Deutsche Bank sold the hotel-casino to a subsidiary of the Blackstone Group, a multinational private equity investment firm, for $1.73 billion in an all-cash transaction.<\/p>\n
\tThe transaction is awaiting approval of Nevada gaming regulators.<\/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. The Cosmopolitan cost $3.9 billion to complete.<\/p>\n
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The Cosmopolitan of Las Vegas reduced its net loss and grew revenue in the third quarter, operators of the Strip resort said Friday. The hotel-casino, which operates as Nevada Property 1, said in a filing with the Securities and Exchange…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-8278","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=8278"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8278\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=8278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=8278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=8278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}