|By Steve Green, Las Vegas
SunMcClatchy-Tribune Regional News
Dec. 12, 2011--With the Cosmopolitan of Las Vegas so far underperforming with its casino operations, the property on Monday signaled it's hoping for further improvements with the hiring of longtime casino executive Thomas McCartney as chief operating officer.
McCartney, whose employment at theTropicana Las Vegas ended in October, will make $600,000 per year at the Cosmopolitan in a newly created position reporting to CEO John Unwin.
McCartney's appointment was disclosed Monday in a regulatory filing.
"With 29 years of hotel and casino experience, he is a recognized leader and one of the most solid veteran operators in the hospitality industry," the Cosmopolitan added later Monday in a statement. "McCartney's wealth of experience at many of our city's most iconic properties will make him an asset to our organization."
McCartney has a three-year employment contract with the Cosmopolitan beginning Jan. 1, the property's owner said in the filing.
He had been president and chief operating officer of the Tropicana since December 2009 and before that was CEO of Planet Hollywood. He had held executive positions at MGM Resorts International properties.
At the Cosmopolitan, McCartney will be responsible for all hotel, food and beverage and gaming operations.
Last month, the Deutsche Bank-owned Cosmopolitan reported a loss of $58.5 million for the third quarter of this year.
Since opening on Dec. 15, the nearly 3,000-room property has seen its revenue from lodging and food and beverage operations far outpace its gaming revenue. In contrast, some of the casino-resort's competitors generate most of their revenue from their casinos.
The Cosmopolitan has been working on initiatives to boost the profitability of its casino. A 15-table, high-limit area was developed well after the property opened, for instance, and the casino has been working to boost slot play through its Identity guest loyalty program.
(c)2011 the Las Vegas Sun (Las Vegas, Nev.)
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