|By Richard N. Velotta, Las Vegas
SunMcClatchy-Tribune Regional News
March 30, 2013--The company that operates the Cosmopolitan of Las Vegas narrowed sequential losses despite the smallest quarterly revenue total of the year in the fourth quarter that ended Dec. 31.
Nevada Property 1 LLC, the Deutche Bank subsidiary that operates the 3,000-room Strip resort, reported earnings today in a Securities and Exchange Commission filing.
For the quarter, the company reported a net loss of $30 million on net revenue of $141 million for the quarter. That compares with income of $72.6 million on net revenue of $120.9 million in the fourth quarter of 2011. For the year, the company posted a net loss of $106.6 million on net revenue of $595.2 million compared with a net loss of $97 million on net revenue of $478.6 million in 2011.
For the year, the company increased net revenue by 24.3 percent. The company also reported an average daily room rate of $259, well above the $108 Southern Nevada average, and an occupancy rate of 85.6 percent for the year.
"We believe our corporate strategy has put us on the right trajectory, as demonstrated by our occupancy, room rates and overall performance," said Amy Rossetti, vice president of public relations for the Cosmopolitan.
"We are extremely pleased to see our unique approach to the Las Vegas market translate into the strong numbers reflected in our earnings report. Our 2012 financial performance affirms that the Cosmopolitan of Las Vegas brand and guest experience continue to resonate," she said.
The company also noted that its Marquee Nightclub & Dayclub was cited as the highest grossing bar in the United States in 2012.
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