Cosmopolitan of Las Vegas sees casino revenue rise in latest quarter
In its final quarter under the ownership of Deutsche Bank, the Cosmopolitan of Las Vegas grew net revenue 13.2 percent, which included a nearly 31 percent increase in casino revenue.
The hotel-casino, which was sold to a division of the Blackstone Group at the end of December for $1.73 billion, said the Strip resort had $86.3 million in net revenue during the quarter that ended Dec. 31. For the year, the Cosmopolitan grew revenue 15.8 percent to $893.1 million.
The property has publicly held debt and files quarterly earnings statements with the Securities and Exchange Commission.
In the filing, the Cosmopolitan said its lawsuit with Spiegelworld, the producer of the closed “Vegas Nocturne” show “Rose. Rabbit. Lie.” was dismissed in November in Clark County District Court.
This month, Spiegelworld and the Cosmopolitan tentatively agreed to a settlement that is subject to final documentation and approval by the parties and the court.
Last month, new Cosmopolitan President Bill McBeath said the property, which opened in December 2010, continues to look how to increase casino performance. But he has also been evaluating other aspects of the resort.
“I have put together a pretty aggressive program to enhance and differentiate our product offering,” McBeath said.
The Cosmopolitan’s 2,995 rooms and suites generated revenue per available room of $287 during the year, based on an average daily room rate $307 and an occupancy rate of 93.5 percent. In 2014, the Cosmopolitan’s total hotel revenue increased 16.2 percent.
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Find him on Twitter: @howardstutz.
