LAS VEGAS — The new owners of The Cosmopolitan say the Las Vegas Strip hotel-casino earned $15.3 million during its second quarter compared to losing $13.6 million a year ago. It represents the first time the property has made a quarterly profit since opening in 2010.
An affiliate of private equity firm Blackstone bought the 1,998-room high-rise in December for nearly $1.73 billion.
The property’s financial filing shows the company cut expenses by nearly 17 per cent in the three month period. While the company earned 20 per cent more in its casinos, revenue dropped at its bars and restaurants, shops and entertainment venues.
Hotel revenue dipped slightly on lower occupancy. The company says it hosted 13 entertainment events this quarter compared to 24 a year ago and its Marquee nightclub faced increased competition.