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.
“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."