Up 17 percent in the second quarter
The Cosmopolitan of Las Vegas, which has been viewed as a poster child for excess in the post-recession era, saw a welcome change in fortunes during the second quarter of 2014. According to the Las Vegas Review-Journal, Cosmo posted a 17 percent boost in revenues.
Not that Cosmo is in the black. Far from it. The Strip resort lost $13.6 million for the quarter that ended June 30. But that’s a great improvement over the same period a year ago, when the hotel-casino lost $25.2 million.
Cosmopolitan CEO John Unwin welcomed the news, and noted the property’s focus on gaming has helped grow casino revenue in the past six months by 40 percent to more than $100 million.
“Our strategy at The Cosmopolitan of Las Vegas has proven that we are on the right trajectory, as demonstrated by our substantial growth in gaming,” Unwin said. He said the resort is “outperforming” the Las Vegas market as far as hotel revenues. “Our second quarter 2014 financial performance affirms that the Cosmopolitan of Las Vegas brand and guest experience continue to resonate.”
