The financially troubled SLS Las Vegas casino reported a net loss of .7 million during the third quarter, while the Cosmopolitan reported a net profit of .7 million.
For the SLS, which is owned by Stockbridge Capital Partners and located in the former Sahara casino property, the loss boosts its net loss through the first nine months of 2015 to nearly $123 million.
The third quarter loss was much lower than the $45.8 million the SLS reported during the third quarter of 2014, when the casino only had been open for five weeks. To help offset the losses, SLS reported Stockbridge Capital contributed more than $31 million in capital during the quarter and nearly $60 million so far this year.
SLS anticipates a brighter future, having just inked a deal with Starwood Resorts, which will take control of the casino’s Lux Tower and convert its 289 rooms into a luxury W Las Vegas hotel, which is slated to open in September 2016.
The SLS recently ended its business relationship with Hilton Worldwide Holdings, which meant the SLS no longer had access to the Hilton’s booking system, and many travelers no longer could use their rewards bonuses while staying at the SLS.
The new W Las Vegas will run as an independent hotel operation and have its own entrance and lobby area.
While the SLS continues losing money, the Cosmopolitan on the south end of the Las Vegas Strip reported a second straight quarterly net profit for the first time since the resort opened in 2010.
The Cosmopolitan posted a net income of $15.3 million during the second quarter, and its third quarter profit represents a large turnaround from a more-than $15 million loss posted during the third quarter of 2014.
The third quarter profit occurred despite a slight reduction in visitation from the same period during 2014 and a widely publicized outdoor pool fire in July, which caused the Bamboo Pool area to close for a time, but the casino received $2.9 million from its insurance claims.
