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Best of Howard Stutz

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Howard Stutz
 

Cosmopolitan of Las Vegas shows second-quarter profit

10 August 2015

The Cosmopolitan of Las Vegas showed a profit of more than $15.3 million in the second quarter, reversing a net loss from a year ago.

The hotel-casino, acquired last year by an affiliate of the New York-based Blackstone Group, filed its financial results for the quarter that ended June 30 with the Securities and Exchange Commission Friday but did not issue a formal statement.

The Cosmopolitan's net revenue of $199.5 million in the quarter was a decline of less than 1% compared to a year ago. However, the net income from the results reversed a net loss of $13.6 million for the same quarter in 2014.

The resort increased casino revenue by more than $11 million, although the property experienced declines in restaurant and entertainment revenue.

The July 25 fire on the property's pool deck caused a temporary evacuation of the Strip resort happened after the second quarter. In its SEC filing, the Cosmopolitan said it is "in the process of assessing the extent of the damage, which is not expected to be significant. The company believes damages are covered under the company's insurance policies and any potential exposure will not be material."