Cosmopolitan benefits from gaming revenue boost

The results show that the company saw year-over-year increases in casino, hotel, entertainment and food and beverage revenues. The gaming revenue increase was particularly substantial, rising nearly 70 percent from last year to US$ 51.38 million.

Hotel revenue went up significantly as well, rising to US$ 80.77 million this quarter compared to US$ 71.23 million last year. Other increases were more modest: Food and beverage revenue went up to US$ 95.28 million from US$ 90.04 million last year, while revenue from entertainment, retail and other sources rose to US$ 10.29 million compared to last year’s US$ 9.25 million.

However, the company’s US$ 211.67 million total operating expenses was more than US$ 11 million higher than this quarter’s net revenue. In May, the Cosmopolitan’s owner Deutsche Bank announced it was selling the resort and casino to the Blackstone Real Estate Partners for US$ 1.73 billion.

 “Our strategy at the Cosmopolitan of Las Vegas has proven that we are on the right trajectory, as demonstrated by our substantial growth in gaming … Our second quarter 2014 financial performance affirms that the Cosmopolitan of Las Vegas brand and guest experience continue to resonate, and we are extremely pleased to see our unique approach to the Las Vegas market translate into the strong numbers reflected in our earnings report.” Said Cosmopolitan CEO John Unwin.