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Cosmopolitan 2012 financial results (ending Dec '12)

Last edit: jimmybond on Saturday, 30th March 2013 4:15 pm
Last response by howardpark 5th April 3:42pm

For those with a financial bent, here are the financials for Cosmopolitan for the year ended Dec 2012. Still owe $3.5B to DB. But revenues up across the property, hotel and food joints still rocking, up by ~$50-60mm each while casino up by $14mm in revenues.

Casino revenues up, but so too are casino expenses - casino revenues $124mm but operating expenses $105mm, never mind the $108mm in 'promotional allowances' across the company (recorded at retail equivalent - i.e. room rate. Mainly hotel and F&B no doubt, not sure if free-play etc would be recorded here too as I am not an accountant)

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 Blakjackkid responded on Saturday, 30th March 2013

The problem for the Cosmo is that regular Vegas trippers like me will not gamble there because we know we have to compete with everyone else including their Marriot Rewards cardholders to get a comp/discount room in that one hotel whereas if I gamble at an MGM or Caesars property, it's much easier to get comps because they have several properties and tons more rooms overall in Vegas top give away. That being said, I still get a drink or two each trip at the Chandelier/Bond bar(s).

 howardpark responded on Friday, 5th April 2013

The Casino at Cosmo feels like a hallway, not a casino. Also, the odds just aren't very good and you practically need a lawyer to qualift for the promo. I asked three different people if i was eligible and got three different answers. It's a nice place to visit but why gamble there?