Sequentially, results from the property’s casino declined from the first quarter. Gaming revenue in the second quarter of $28.2 million was down from $31 million.
Hotel revenue in the second quarter of $45.9 million was up from $34.4 million in the first quarter thanks to the extra rooms, strong room rates ($246 on average) and occupancy trends (91.4 percent on average).
Food and beverage revenue at the property, known for its restaurants and nightclub offerings, continued to generate the biggest chunk of revenue — $70.1 million in the second quarter v. $57.6 million in the first quarter.
So, people continue to stay and eat and drink at the casino but don’t gamble – in fact they’re gambling less than the quarter before. This is no surprise and from what I’ve seen it won’t be changing any time soon. The gaming promotions they’ve started are aimed at the small player and while that’s a good start, it’s not going to show any immediate effect. It looks as if they are changing some of their focus towards big players.
The company said the second quarter results included a $2 million charge to write off the value of a lounge, which will be demolished to make way for an additional high-limit gaming area. The 9,600-square-foot area will include 15 table games and is expected to be completed by November.
So they’re going to add high limit tables to a place where people don’t gamble. Does not seem like a smart move. I’ve never seen anyone playing in the high limits room, but I’m not at Cosmo 24-7 so what do I know. Maybe they’re playing between 3am and 5am like the high rollers in every other casino. Yes, I’m mocking.
I still don’t understand why the Cosmo won’t add a poker room. It’s another way to draw gamblers who will eventually play other games.
For as horribly as the Cosmo has marketed their casino to gamblers, I love it and will be back shortly for a bite to eat, a drink, a show and maybe a little video poker. As noted above, food and beverage is doing well. It’s easily their best feature and what keeps me coming back. Hopefully they get their stuff together so I can enjoy the place before they’re forced to see to Caesars or, more likely, MGM.
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