Cosmopolitan’s strong quarter trims loss
The Cosmopolitan Las Vegas reported Friday that revenue surged in the second quarter and the casino cut its loss.
Net revenues rose to nearly $166 million in the second quarter, compared with $126 million in the second quarter of 2011. The casino's loss also was down from $54 million in the second quarter of 2011 to just under $19 million in the quarter than ended June 30 .
The Cosmopolitan Las Vegas, which broke ground in 2005, opened in December 2010 at a cost $3.9 billion.
Casino revenues for the property, with nearly 3,000 rooms on the Strip between Bellagio and City Center, improved in the second quarter to nearly $39 million, up from $28 million in that period in 2011, but continued to lag behind room revenue and sales from food and beverage.
Room revenue rose to $63 million in the second quarter, from about $46 million in the comparable quarter in 2011. Food and beverage revenue rose to nearly $83 million, from $60 million in 2011.
For the first six months of this year, net revenues have risen to $309 million from $231 million in 2011 . During that period, the company trimmed its net loss 62 percent, from $111 million to $42 million.
