Timing couldn’t be better for the Blackstone Group, as they take over the Cosmopolitan of Las Vegas after posting a quarter which brought in .3 million in net revenue ending December 31, and an overall revenue increase of nearly 31 percent. On the year, the Cosmopolitan grew revenue 15.8 percent to 3.1 million. Former MGM executive Bill McBeath took over earlier this year and much of that increase can be attributed to his renewed focus on gaming.
In a quarterly filing with the SEC, the Cosmopolitan mentioned a lawsuit with Spiegelworld, producer of the show Rose. Rabbit Lie was dismissed back November in Clark County District Court. This month, both parties agreed to a tentative settlement that is subject to approval by the parties and the court.
The Cosmopolitan features nearly 3,000 rooms, and generated revenue per available room of $287 during 2014, based on an average daily rate of $307. Last year, its hotel revenue skyrocketed 16.2 percent.
