Tag Archives: Cosmopolitan Las Vegas

Newest Vegas Resort Looks To Turn Around Lackluster First Quarter Report

The Cosmopolitan of Las Vegas’ first quarter of operations is in the books, and despite its high occupancy rate, the newest resort on the Strip reported a $56.8 million loss, the company said Friday.

The Cosmopolitan, which cost Deutsche Bank AG $3.9 billion to complete, generated $104.9 million in first-quarter revenue. It’s a revenue figure far less than its neighbors — Bellagio or Aria — reported in the first quarter.

Bellagio earned $251.4 million in net revenue, while Aria generated $225 million in revenue. Both Aria and Bellagio benefited from an well-established database of customers, which The Cosmopolitan continues to develop.

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Cosmopolitan in Vegas set to open December 15

Cosmopolitan Resort CasinoThe $3.9 billion Cosmopolitan of Las Vegas has started accepting room reservations for a Dec. 15 opening, hotel officials said Wednesday.

The company said  that it planned to spend $1.1 billion during the last nine months of 2010 to finish the 2,995-room casino-resort on the Las Vegas Strip.

The two-tower resort will open without 987 of its rooms, with most of them opening incrementally through July next year. Cosmopolitan CEO John Unwin has said the delay will give more time to finish interior work and move furniture.

The 8.7-acre development is expected to be the last new Strip casino for at least a few years. Other projects, including the Carl Icahn-owned Fontainebleau Las Vegas and Boyd Gaming Corp.’s Echelon, are on hold indefinitely as their owners wait for more favorable market conditions.

Operators have lowered room rates in Las Vegas as they fight to attract tourists to existing casinos.