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Cosmopolitan of Las Vegas Reports Loss of $24.7 million for Q1 2013

By Ed Komenda, Las Vegas SunMcClatchy-Tribune Regional News

May 10, 2013--The Cosmopolitan of Las Vegas has reported a $24.7 million first-quarter loss, according to a Friday filing with the Securities and Exchange Commission.

But the hotel-casino reported revenues of $159.5 million, an increase from $143.1 million in 2012.

The Cosmopolitan has struggled since it opened in late 2010. The strip resort lost $56.8 million in the first quarter of 2011. For the final quarter of 2012, the company reported a net loss of $30 million on net revenue of $141 million.

The company also reported an average daily room rate of $273 -- well above the $108 Southern Nevada average, and an occupancy rate of 87.8 percent for the year.

Officials of Nevada Property 1 LLC, the Deutche Bank subsidiary that operates the 3,000-room resort, were not available for comment Friday afternoon.


(c)2013 the Las Vegas Sun (Las Vegas, Nev.)

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