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Cosmopolitan loses $140M in 1st year open in Vegas - BusinessWeek

Thursday, 31 March 2011 06:43 administrator
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LAS VEGAS

The company that owns the Cosmopolitan of Las Vegas lost $139.5 million last year as the swanky new Las Vegas Strip casino-resort opened its doors in December with A-listers such as rapper Jay-Z and rocker Brandon Flowers.

Nevada Property 1 LLC said in a report filed

Wednesday that it posted a loss in 2010 after finishing 2009 with a $28.6 million profit.

The company highlighted the Cosmopolitan's $116.5 million preopening expenses as a "major contributor" to its loss. Those start-up costs included a $42 million marketing campaign.

The $3.9 billion Cosmopolitan opened Dec. 15 and grossed $4.2 million in room rates through the end of the year. The hotel has 2,995 rooms.

The casino made $4.3 million from gambling in the less than three weeks of 2010 that it was open.




Source: http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNGiwXi1A-VDZiiYMUbUpHO8X1lm5w&url=http://www.businessweek.com/ap/financialnews/D9M9RLN00.htm

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