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Cosmopolitan of Las Vegas trims loss, grows revenue

The Cosmopolitan of Las Vegas reduced its net loss and increased revenue in the third quarter, the Strip resort’s operators said Friday.

The 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.

Revenue increased 11 percent to $188.9 million.

The Cosmopolitan, which opened in December 2010, has never reported an annual operating profit.

Revenue 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.

Cosmopolitan officials did not conduct a conference call nor release details about the operation because the resort is being sold.

In 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.

The transaction awaits Nevada gaming regulators’ approval.

Germany’s 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.

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