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Best of Howard Stutz

Gaming Guru

Howard Stutz
 

Cosmopolitan of Las Vegas halves net loss in latest quarter

14 May 2015

The Cosmopolitan of Las Vegas reduced its net loss by more than half in the first quarter, its first full three-month period under the ownership of the Blackstone Group.

The hotel-casino, which was sold to the real estate investment conglomerate in December, said Wednesday it lost $5.39 million in the quarter than ended March 31, compared to a loss of $12.7 million in the same quarter a year ago.

Net revenue increased to $189.9 million, which included a 19 percent increase in casino revenue.

The Blackstone Group paid $1.73 billion for the Cosmopolitan and installed longtime gaming executive Bill McBeath as president of the hotel-casino.