Deutsche Bank looking to unload Vegas' Cosmopolitan

Deutsche Bank AG is in talks to sell its Cosmopolitan resort in Las Vegas as it tries to end a six-year, money-losing venture into casino development, people with knowledge of the matter told Bloomberg.

The bank is reportedly seeking more than $2 billion and has attracted at least four possible bidders. Deutsche Bank foreclosed on the property after developer Ian Bruce Eichner defaulted on a construction loan in January 2008.

The resort's revenue reportedly rose 9.6 percent to a record $653 million last year. The two-tower complex cost more than $3.9 billion to build and has never turned a profit.

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“It’s a compelling asset, great rooms, great location, terrific restaurants and a great reputation among the younger, hipper crowd,” Rob Heller, CEO of Spectrum Gaming Capital, an investment bank in New York, told Bloomberg. "Acquiring it could make sense for a casino operator without a presence on the Strip."

 

 

 

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