Remember the initial marketing campaign (“The Right Amount of Wrong“) for the Cosmopolitan? It was fortuitous in every way. Cosmopolitan is a really nice hotel with lots of good restaurants and bars. They also have the nightclub that brings in the most money in America with Marquee. Not too many people gamble at Cosmopolitan but that’s OK because the future of the casino business isn’t about gambling. Non-gaming revenue has been more than gaming revenue for over 10 years now.
Even though they have so many good things going on at the hotel they keep losing money. However, they do get the Charlie Hustle award for losing less money than the previous quarter. It’s cool, they don’t mind losing money.
For the quarter, the company reported a net loss of $30 million on net revenue of $141 million for the quarter…
“We are extremely pleased to see our unique approach to the Las Vegas market translate into the strong numbers reflected in our earnings report. Our 2012 financial performance affirms that the Cosmopolitan of Las Vegas brand and guest experience continue to resonate,” she (Amy Rossetti, vice president of public relations) said.
The Charlie Hustle award is named after baseball player Pete Rose who was nicknamed “Charlie Hustle”. He played the game hard and tried harder than just about anyone in baseball. When I played Little League the Charlie Hustle award was given to the kid that tried really hard but wasn’t usually one of the better players on they team. But hey, they tried.
Hey, the Cosmo tried. They deserve an award.
The Cosmo is doing a little better business than last quarter but they’re still losing money. I like the Cosmo a lot and enjoy going there but at some point they have to make money to keep the lights on. Right?