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by Michael J. Shapiro | May 18, 2011

The Deutsche Bank-owned Cosmopolitan of Las Vegas, the Strip's newest resort, last week reported a $56.8 million net loss in its first full quarter of business. The hotel, which opened last Dec. 15 with 1,998 guest rooms, added another 286 in the first quarter. An additional 682 rooms will be complete by August. The operating loss comes in spite of strong occupancy (85.7 percent) and average daily rate ($241) results for the quarter. In that respect, the resort's performance was comparable to that of its closest neighbors, MGM's Aria and Bellagio, although those properties brought in significantly more revenue. Aria reported an 86 percent occupancy rate and average daily rate of $201 for the first quarter, while Bellagio enjoyed a 90.8 percent occupancy rate and an ADR of $225. "We are pleased with the key performance indicators: high room rates, strong hotel occupancy and our prominent position in the luxury tier," said Cosmopolitan CEO John Unwin in a statement. "The upward momentum is a good sign for the resort and the Las Vegas market as a whole."