After more than four years of operating losses, the Cosmopolitan in Las Vegas turned a profit in its fifth year and will undergo 0 million in renovations over the next three years.
The Cosmopolitan opened in 2010 and posted its first-ever profit during the third quarter of 2015, with a net gain of $15.3 million, followed by another $4.7 million profit during the fourth quarter.
With its first profit turned and sustained through the end of the fiscal year, the Cosmopolitan will undergo an upgrade.
Planned improvements include reworking the high-limit slots area, moving the sports book to the second floor, opening a new nightclub and lounge, opening new restaurants, and making improvements to guest rooms.
Workers during the holiday tore out part of the Cosmopolitan’s casino area to make way for a 3,000-square-foot high-limit slots area and a cocktail lounge to be named CliQue, which is located near the center of the Cosmopolitan.
The Cosmopolitan’s race and sports book will move into a 6,000-square-foot area on the second floor, and will occupy a space previously used by an underperforming enterprise.
Cantor Gaming runs the race and sports book, and the move allows the Cosmopolitan to charge Cantor Gaming more for rent, while also providing regular foot traffic to the previously underutilized space, which also will include a Starbucks.
The improvements currently underway will take up about $35 million of the $200 million in proposed upgrades, with other enhancements to be announced.
