{"id":6500,"date":"2013-11-11T21:36:31","date_gmt":"2013-11-11T21:36:31","guid":{"rendered":"https:\/\/forumarchives.tmsites.net\/index.php\/2013\/11\/11\/cosmopolitan-quarterly-loss-narrows-casino-revenues-jump-96\/"},"modified":"2013-11-11T21:36:31","modified_gmt":"2013-11-11T21:36:31","slug":"cosmopolitan-quarterly-loss-narrows-casino-revenues-jump-96","status":"publish","type":"post","link":"https:\/\/crapsclub.goldentouchserver.com\/index.php\/2013\/11\/11\/cosmopolitan-quarterly-loss-narrows-casino-revenues-jump-96\/","title":{"rendered":"Cosmopolitan quarterly loss narrows casino revenues jump 96%"},"content":{"rendered":"


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\n\tBusiness at The Cosmopolitan of Las Vegas appears to be improving as casino revenues almost doubled year-over-year. The hotel-casino on Friday posted a loss of $19.4 million for the third-quarter, but said it is moving closer to profitability. (Jeff Scheid\/Las Vegas Review-Journal)<\/span><\/p>\n

\tBy CHRIS SIEROTY
\n\tLAS VEGAS REVIEW-JOURNAL
\n\tThe Cosmopolitan of Las Vegas reported a third-quarter loss Friday, but the Strip resort continues to inch toward profitability as casino revenues almost doubled year-over-year. The $3.9 billion Strip resort said it lost $19.4 million in the three months ended Sept. 30, compared with a loss of $34.3 million in the same period a year earlier.<\/p>\n

\tCasino revenues continued to trail food, beverage and hotel revenue. But, the $44.3 million in casino revenues, was up 96.9 percent from the $22.5 million posted in the third quarter of 2012. The company attributed the increase to its table hold percentage of 16.1 percent, which easily surpassed its expected range of 10 percent to 14 percent.<\/p>\n

\tTable game hold for the third quarter of 2012 was 4.4 percent, The Cosmopolitan\u2019s parent company, Nevada Property 1 LLC , said in a quarterly earnings report. The Cosmopolitan operates a 110,000 square-foot casino with 1,374 slot machines and 101 table games.<\/p>\n

\t\u201cWe also continue to focus our efforts on increasing the volume of slot play through leveraging our unique Identity membership program, building our database of slot customers and expanding our alliance program,\u201d the company said.<\/p>\n

\tThe Cosmopolitan is expanding its table game offerings with the expansion of the Bond Bar near the property\u2019s northeast Strip entrance. The project is expected to be completed by December.<\/p>\n

\tThe Cosmopolitan will open its multiuse center named The Chelsea on Dec. 31, while its new 23,000-square-foot combination restaurant, bar, club and show named Rose.Rabbit.Lie is also expected to open by year\u2019s end.<\/p>\n

\tThe Cosmopolitan\u2019s third-quarter hotel revenue grew 11.7 percent to $66.8 million from $59.8 million a year earlier, as the average daily room rate jumped quarter-over-quarter to $268 from $257.<\/p>\n

\tThe quarterly occupancy rate was 91.5 percent, up from 85.7 percent.<\/p>\n

\tThird-quarter revenue in the hotel-casino\u2019s food and beverage operations declined 1.3 percent to $81.3 million from $82.4 million a year earlier.<\/p>\n

\tEntertainment, retail and other revenues rose 0.5 percent to $8.86 million, from $8.81 million a year earlier.<\/p>\n

\tNet revenues for the third quarter were $170 million, up 17 percent from $145.3 million a year earlier.<\/p>\n

\tThe Cosmopolitan sits on 8.7 acres on the Strip between Bellagio and CityCenter.<\/p>\n

\tAs of Sept. 30, Nevada Property 1\u2019s loan from Deutsche Bank was $3.47 billion, down from $3.53 billion last year. The Cosmopolitan\u2019s quarterly report with the Securities and Exchange Commission didn\u2019t include any updates about contract negotiations with the Culinary union.<\/p>\n

\tNegotiations have stalled between the Culinary and The Cosmopolitan.<\/p>\n

\tBoth sides have been unable to agree on job security, health care and wages. Some 120 union workers were arrested on Nov. 1 during a protest on the Strip that later entered the hotel-casino.<\/p>\n

\tContact reporter Chris Sieroty at csieroty@reviewjournal.com<\/a> or 702-477-3893. Follow @sierotyfeatures on Twitter.<\/p>\n

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Business at The Cosmopolitan of Las Vegas appears to be improving as casino revenues almost doubled year-over-year. The hotel-casino on Friday posted a loss of $19.4 million for the third-quarter, but said it is moving closer to profitability. (Jeff Scheid\/Las…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-6500","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/crapsclub.goldentouchserver.com\/index.php\/wp-json\/wp\/v2\/posts\/6500","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/crapsclub.goldentouchserver.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crapsclub.goldentouchserver.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crapsclub.goldentouchserver.com\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/crapsclub.goldentouchserver.com\/index.php\/wp-json\/wp\/v2\/comments?post=6500"}],"version-history":[{"count":0,"href":"https:\/\/crapsclub.goldentouchserver.com\/index.php\/wp-json\/wp\/v2\/posts\/6500\/revisions"}],"wp:attachment":[{"href":"https:\/\/crapsclub.goldentouchserver.com\/index.php\/wp-json\/wp\/v2\/media?parent=6500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crapsclub.goldentouchserver.com\/index.php\/wp-json\/wp\/v2\/categories?post=6500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crapsclub.goldentouchserver.com\/index.php\/wp-json\/wp\/v2\/tags?post=6500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}