Las Vegas’ Cosmopolitan posts us$ 58.4 million quarterly loss

The Strip hotel generated us$ 23.8 million in casino revenue in the third quarter, compared with us$ 28.2 million in the second quarter.

The us$ 3.9 billion resort opened on December 15, 2010. For the third quarter, its hold percentage was 7.6 percent, which was below the company's expected range of 12 percent to 15 percent.

"Given the growing demand from our guests for high-end gaming facilities, now is the ideal time for The Cosmopolitan to debut the Talon Club," the company said in a statement. "This venue reflects the sophisticated design and attention to detail that our guests have come to expect from the resort."

The Talon Club will include 15 table games and is expected to be completed this month. The Cosmopolitan operates a 9,600-square-foot casino.

"We expect that the opening of this additional gaming space will help improve table-games volume with the benefits likely impacting results beginning in the first half of 2012," the property's owner, Nevada Property 1, said in its earnings report filed Monday with the Securities and Exchange Commission.

Overall, Nevada Property 1, which is owned by Deutsche Bank AG, reported net revenue of us$ 126.6 million in the third quarter. For the first nine months of the year, The Cosmopolitan lost us$ 169.6 million on net revenues of us$ 357.7 million.

Comparison with the same period last year is not relevant given the resort opened in the fourth quarter.

"The Cosmopolitan will continue top focus on delivering high-demand, distinctive experiences to Las Vegas," a company's statement said. "Nearing our one-year anniversary, we are proud to have influenced the luxury market by consistently delivering first in-kind experiences that resonate with visitors to Las Vegas."