Australia's Crown Resorts enters race for Vegas' Cosmopolitan

Last week, we reported on Deutsche Bank looking to sell the Cosmopolitan in Las Vegas. Today, there is word that Australia's Crown Resorts is poised to enter the race for the $2 billion loss-making hotel and casino.

The Sydney Morning Herald reports that sources close to the process said it was expected to be among several interested parties looking at the 3,000-room property. The deadline for expressions of interest is Tuesday.

The potential bid marks a second push by Crown Resorts to crack the U.S. market, and is another signal that Crown is in expansion mode.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

Crown is already committed to building a $1.3-billion luxury hotel and casino at the Barangaroo waterfront development in Sydney. The company also plans to spend $400 million in the Sri Lankan capital Colombo on a new hotel and casino, while its Hong Kong-based Melco Crown joint venture is developing new casinos in Macau and the Philippines.

The Cosmopolitan is expected to fetch $1.5 billion to $2 billion.

Deutsche Bank inherited the Cosmopolitan in January 2008 when it foreclosed on the resort's owner, developer Ian Bruce Eichner, who had defaulted on a loan.

Read more on

Suggested Articles

Two recent cases address the issue of hotel liability when personnel assist police who have an issue with a guest—here's the lesson for hotels.

This week's employment roundup features 11 hirings and promotions.

This roundup features details on 15 new properties operating in the United States.