Cosmopolitan Reports Losses
LAS VEGAS (AP) — The Cosmopolitan of Las Vegas casino-resort on the Las Vegas Strip lost $58.5 million during the third quarter as its restaurants, bars and hotel rooms proved far more popular than gambling.
The resort said Monday in a filing with the Securities and Exchange commission that it had $126.6 million in net revenue during its third full quarter of operations since opening last Dec. 15.
Nearly half — $68.9 million or 46%— of the Cosmopolitan’s gross revenues came from its restaurants, bars and lounges. Just 16 percent of the casino’s revenues, or $23.9 million, came from gambling.
The posh resort, which cost owners Deutsche Bank $3.9 billion to build, says it was unlucky and didn’t win as much money as expected from gamblers given how much they wagered.