The Las Vegas Cosmopolitan Casino has continued to break away from losses and turn a profit in the latest quarter, the second quarter to ever show a profit for the company. The property is now owned by Nevada Property 1 LLC after a purchase price of $1.73bn and has reached revenues of $4.7m for the third quarter of 2015, which ended on September 30th. The company had a net loss of $15.3 m for the same period last year.
Casino revenues were able to increase by $300,000 to a total of $55.8m while entertainment, hotel and restaurant revenues saw a decline in the single digits. Table gaming revenues fell 8.7 percent but slot machines were able to pull a significant improvement, increasing by almost 22 percent.
The casino now plans to focus on table games, supplementing the level of gaming that is enjoyed by domestic and international visitors as well as looking to boost the volume of slot play more than ever. As far as hotel revenues go, the property saw a decrease in revenues by 4.6 percent, earning only $76.6m when compared to the $80.3m earned in the same time frame in 2014.
The food and beverage area of the casino also saw a decline, earning only $78.2m which is 6.3 percent less than 2014. The Marquee, a nightclub of the property, had a significant decline of $2.4m in revenues which the casino blames on increased competition in the area.
Officials of the casino stated that the property may continue to see a decline in the food and beverage portion of the Cosmopolitan as they evaluate the restaurants of the property and deal with increased competition.
This summer the Cosmopolitan was subject to a fire in one of the property pools. The company had to write off $300,000 based on equipment and property damages. The casino also filed a claim with insurance which helped to provide $2.9m for the value of the items that were destroyed due to the fire.