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 Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.

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.


Suggested Articles

Lodging owners who have the appropriate resources and capital have an opportunity to renovate at an accelerated rate and at more competitive prices.

The £18.4 million fine stems from a data breach discovered after the company purchased Starwood Hotels & Resorts Worldwide.

The company's revenues declined from $560 million in the third quarter of 2019 to $337 million in the third quarter of 2020.