The Cosmopolitan of Las Vegas has had its struggles since opening. They haven’t posted a positive quarter of earnings yet. They’re business model is “the future of Vegas” where 70% (or so) of the revenues come from the non-gaming parts of the casino. That probably won’t change in the future but as a casino in Las Vegas they need to show some form of life in the casino – even if it’s only 20%-30% of their revenue. Well, that may finally be happening.
The $3.9 billion resort posted its best quarter in terms of casino revenue, generating $40.87 million, a 32.6 percent increase from $30.83 million in the first quarter of 2012. The increase was “due to the performance of our table games,” the company said in an earnings filing with the Securities and Exchange Commission.
Overall the Cosmo continues to lose less money every quarter. Having 9 straight losing quarters isn’t good news, but the positive movement isn’t bad news. Overall Cosmo’s non-gaming entities are slowing their growth and if they didn’t install a $25 resort fee (about 10%) on hotel rooms they’d be looking pretty mediocre.
But, hey, people are gambling…WOO HOO!
Photo: Business Insider (Note, this photo is from pre-opening but the casino can still be seen this way every day.)