Updated 

Parent of Cosmopolitan of Las Vegas reports quarterly net loss, improved numbers for 2013


The 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.

The 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.

The 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.

For 2013, the Cosmopolitan reported a loss of $94.8 million on net revenues of $652.5 million. That’s 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.

The Cosmopolitan reported a healthy jump in casino revenues in 2013, as casino revenues increased more than $31 million over 2012’s numbers, trending up from $124.2 million to $155.5 million, about a 25 percent increase.

The 110,000-square-foot casino includes 1,325 slot machines and 121 table games.

Hotel revenues also increased in 2013, jumping from $240 million in 2012 to $267.6 million last year, according to the earnings report.

Likewise, food and beverage revenues increased in 2013, showing a bump from $306.2 million in 2012 to $313.8 million last year.

The earnings document listed three financial pluses for 2013:

■ Gross revenues of $771.5 million last year were a 9.7 percent increase over 2012 numbers.

■ Adjusted EBITDA in 2013 of $103.3 million was a $37 million increase over 2012.

■ 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.

The 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.

Also in late December, the resort opened a 65,000-aquare-foot, 3,000-seat multi-use event center, The Chelsea.

Contact Alan Snel at asnel@reviewjournal.com or 702-387-5273. Follow @bicyclemansnel on Twitter.

 

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