In its five-year history, the Cosmopolitan of Las Vegas did something last quarter it had never done; post a profit. On the quarter, the Cosmopolitan earned .3 million, and turned around the .6 million loss from the same quarter last year.
The net revenue of $199.5 million was due in part to an increase of casino revenue by $11 million, even though restaurant and entertainment revenue declined. The Cosmopolitan’s financial filing showed for the quarter it had cut expenses by about 17 percent, which was helped by cutting advertising an marketing costs.
On July 25 the property made headlines when its poolside cabanas and palm trees caught on fire, with billowing smoke that could be seen for miles. The Cosmopolitan does not expect the damage costs to be significant. A slight drop in occupancy led to lower hotel revenue, while fewer free rooms were offered to lower-stakes players.
