Saturday, November 14, 2015

Cosmopolitan Reports Third Quarter Profit

Cosmopolitan reported a $4.7 million profit in the third quarter of 2015 according to a filing with the SEC yesterday.

While third quarter net revenue was down year over year ($179.8 million in 2015 compared to $189 million in 2014) Cosmopolitan was able to acheive a profit by slashing expenses all the way down to $167 million down from $203.5 million the previous year.

Cosmopolitan's new parent company Blackstone seems to have the ship pointed in the right direction, as Cosmopolitan has now reported two consecutive quarterly profits.

It appears the new owners are shifting the focus away from food, beverage, entertainment and retail and putting more of an emphasis on the casino. It will be interesting to see if this strategy proves to pay off over the next few quarters.