The Cosmopolitan of Las Vegas reduced its net loss by more than half in the first quarter, its first full three-month period under the ownership of the Blackstone Group.
The hotel-casino, which was sold to the real estate investment conglomerate in December, said Wednesday it lost $5.39 million in the quarter than ended March 31, compared to a loss of $12.7 million in the same quarter a year ago.
Net revenue increased to $189.9 million, which included a 19 percent increase in casino revenue.
The Blackstone Group paid $1.73 billion for the Cosmopolitan and installed longtime gaming executive Bill McBeath as president of the hotel-casino.
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