πŸ– Deutsche Bank sells Vegas casino for $1.73 billion

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Deutsche Bank AG is finally free of The Cosmopolitan of Las Vegas resort and casino after selling the high-rise complex on the Strip to Blackstone Real Estate Partners VII for $1.7 billion. (AP.


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Deutsche Bank sells lossmaking Cosmopolitan casino for $1.7bn - BBC News
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Deutsche Bank AG is relaunching its real estate lending business in Japan, after scaling it down post the 2008 financial crisis, as it looks to tap into the nation's tourism boom that could grow.


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Deutsche Bank to Sell Cosmopolitan Casino to Blackstone - The New York Times
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Deutsche Bank has promised to make amends at the next bonus round, but with revenues lacklustre in the second quarter of 2017 and compensation spending per head down 2.5% year-on-year in the first.


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This has given investors in the troubled bank confidence it can tackle the litigation with the US Department of Justice. Deutsche is facing a $14 billion fine over its American mortgage-backed securities business which allegedly led to the US housing crisis in 2008.


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Deutsche Bank said it struck a deal to sell its casino complex in Las Vegas to buyout group Blackstone for $1.73 billion in cash, drawing a line under an unwanted investment that has weighed on.


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Deutsche Bank is preparing to cash in on a $400m stake in a Las Vegas gaming group, giving the bank a boost at a time of lingering concerns over the state of its balance sheet. In a prospectus.


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It may have taken longer than Deutsche Bank intended, but it has finally rid itself of the Las Vegas casino it inherited in 2008 when developer Bruce Eichner was forced to abandon the project.


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Deutsche Bank loaned the money to the developer Eichner, who defaulted. The bank then took possession in 2008 with some very bad timing – just as Nevada property values sank and tourist travel to Las Vegas dropped as well. In completing the project, the budget almost doubled under the bank’s watch.


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FILE - This undated image provided by The Cosmopolitan of Las Vegas, shows the Cosmopolitan hotel and casino, in Las Vegas. Deutsche Bank AG is finally free of The Cosmopolitan of Las Vegas resort and casino after selling the high-rise complex on the Strip to Blackstone Real Estate Partners VII for $1.7 billion, according to a statement Thursday May 15, 2014.


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* Deutsche Bank strikes deal to sell casino resort * Bank inherited Las Vegas site after 2008 loan default * Blackstone agrees to buy resort for $1.7 bln (Adds details of deal, background.


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FILE - This undated image provided by The Cosmopolitan of Las Vegas, shows the Cosmopolitan hotel and casino, in Las Vegas.
The German investment bank said in a statement Thursday that the cash deal remains subject to regulatory approvals.
The bank had intended to sell the property from before it even opened in 2010 and had placed The Cosmopolitan in a separate bank division devoted to winding down or selling unwanted investments.
It owns nearly 1,000 homes in Nevada and the upscale Hughes Center office complex in Las Vegas, as well as a small portion of casino company Caesars Entertainment Corp.
Initially conceived as a condo complex, it retains large rooms and kitchenettes even though the project morphed into a hotel after the housing click at this page crashed.
The Cosmopolitan has branded itself as a "decidedly different" kind of casino, eschewing the kitschy themes common among its competitors and catering to a more urbane kind of gambler and club-goer with the tagline "just the right amount of wrong.
But its emphasis on entertainment and celebrity-chef-run restaurants over gambling, and a smaller database of regular gamblers than its casino chain competitors, hit the resort's bottom line.
Schwartz, director of the Center for Gaming Research at the University of Nevada, Las Vegas.
In March, the city's average daily room rate rose 21 percent from a year earlier, according to tourism officials.
They've waited for deutsche bank sells casinos market to move.
Hotels are now an investment that's rising.
The group has picketed the casino deutsche bank sells casinos the past.

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Bloomberg reported last week that Gilbert's casino company - JACK Entertainment - has retained Deutsche Bank and Credit Suisee to help navigate a potential sale. JACK Entertainment, replying to questions from cleveland.com, would only say in an emailed response that the company has a "long-standing policy to not comment on rumors or speculation."


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FILE - This undated image provided by The Cosmopolitan of Las Vegas, shows the Cosmopolitan hotel and casino, in Las Vegas.
The German investment bank said in a statement Thursday that the cash deal remains subject to regulatory approvals.
The bank deutsche bank sells casinos intended to sell deutsche bank sells casinos property from before it even opened in 2010 and had placed The Cosmopolitan in a separate bank division devoted to winding down or selling unwanted investments.
It owns nearly 1,000 homes in Nevada and the upscale Hughes Center office complex in Las Vegas, as well as a small portion of casino company Caesars Entertainment Corp.
Initially conceived as a condo complex, it retains large rooms and kitchenettes even though the project morphed into a hotel after the housing market crashed.
The Cosmopolitan has branded itself as a "decidedly different" kind of casino, eschewing the kitschy themes common among its competitors and catering to a more urbane kind of gambler and club-goer with the tagline "just the right amount of wrong.
But its emphasis on entertainment and celebrity-chef-run restaurants over gambling, and a smaller database of regular gamblers than its casino chain competitors, hit the resort's bottom line.
Schwartz, director of the Center for Gaming Research at the University of Nevada, Las Vegas.
In March, the city's average daily room rate rose 21 percent from a year earlier, according to tourism deutsche bank sells casinos />They've waited for the market to move.
Hotels are now an investment that's rising.
The group has picketed the casino in the link.

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- Deutsche Bank has struck a deal to sell its casino complex in Las Vegas to buyout group Blackstone for $1.73 billion in cash, drawing a line under an unwanted investment that has weighed on its balance sheet for years.


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Deutsche Bank sells lossmaking Cosmopolitan casino for $1.7bn - BBC News
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Station Casinos is trying to sell nearly 57 acres of undeveloped land on the far south end of the Strip for $40 million although one of the sale requirements is that the land not be used for gaming.


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Deutsche Bank sells Vegas casino for $1.73B
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Please read the rules before joining the discussion.
The Cosmopolitan of Las Vegas shows the Cosmopolitan hotel and casino in Las Vegas.
The German investment bank said in a statement Thursday that the cash deal remains subject to regulatory approvals.
The bank had intended to sell the property from before it even opened in 2010 and had placed The Cosmopolitan in a separate bank division devoted to winding down or selling unwanted investments.
It owns nearly 1,000 homes in Nevada and the upscale Hughes Center office complex in Las Vegas, as well as a small portion of casino company Caesars Entertainment.
Initially conceived as a condo complex, it retains large rooms and kitchenettes even though the project morphed into a hotel after the housing click here crashed.
The Cosmopolitan has branded itself as a "decidedly different" kind of casino, eschewing the kitschy themes common among its deutsche bank sells casinos and catering to a more urbane kind of gambler deutsche bank sells casinos club-goer with the tagline "just the right amount of wrong.
But its emphasis on entertainment and celebrity-chef-run restaurants over gambling, and a smaller database of regular gamblers than its casino chain competitors, hit the resort's bottom line.
Schwartz, director of the Center for Gaming Research at the University of Nevada, Las Vegas.
In March, the city's average daily room rate rose 21 percent from a year earlier, according to tourism officials.
They've waited for the market to move.
Hotels are now an investment that's rising.
CONNECT COMMENT EMAIL MORE Copyright 2014 The Associated Press.
This material may not be published, broadcast, rewritten or redistributed.

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Bloomberg reported last week that Gilbert's casino company - JACK Entertainment - has retained Deutsche Bank and Credit Suisee to help navigate a potential sale. JACK Entertainment, replying to questions from cleveland.com, would only say in an emailed response that the company has a "long-standing policy to not comment on rumors or speculation."


Enjoy!
Deutsche Bank sells lossmaking Cosmopolitan casino for $1.7bn - BBC News
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Deutsche Bank sells Vegas casino for $1.73B
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Please read the rules before joining the discussion.
The Cosmopolitan of Las Vegas shows the Cosmopolitan hotel and casino in Las Vegas.
The German investment bank said in a statement Thursday that the cash deal remains subject to regulatory approvals.
The bank had intended to sell the property from before it even opened in 2010 and had placed The Cosmopolitan in a separate bank division devoted to winding down or selling unwanted investments.
It owns nearly 1,000 homes in Nevada and the upscale Hughes Center office complex in Deutsche bank sells casinos Vegas, as well as a continue reading portion of casino company Caesars Entertainment.
Initially conceived as a condo complex, it retains large rooms and kitchenettes even though the project morphed into a hotel after the housing market crashed.
The Cosmopolitan has branded itself as a "decidedly different" kind of casino, eschewing the kitschy themes common among its competitors and catering to a more urbane kind of gambler and club-goer with the tagline "just the right amount of wrong.
But its emphasis on entertainment and celebrity-chef-run restaurants over gambling, deutsche bank sells casinos a smaller database of regular gamblers than its deutsche bank sells casinos chain competitors, hit the resort's bottom line.
Schwartz, director of the Center for Gaming Research at the University of Nevada, Las Vegas.
In March, the city's average daily room rate rose 21 percent from a year earlier, according to tourism officials.
They've waited for the market to move.
Hotels are now an investment that's rising.
CONNECT COMMENT EMAIL MORE Copyright 2014 The Associated Press.
This material may not be published, broadcast, mobile urban trust app bank deposit or redistributed.

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Deutsche Bank sells USD 400M stake in Las Vegas gambling group. operator of more than a dozen casinos across Nevada and California, disclosed that the German bank.


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Deutsche Bank sells lossmaking Cosmopolitan casino for $1.7bn - BBC News
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Deutsche Bank took over the Cosmopolitan Hotel and Casino after it foreclosed on the Las Vegas resort's developer in 2008.
Deutsche Bank is finally leaving Las Vegas.
It was one of many, as banks moved to take over troubled gambling properties at the onset of the financial crisis.
It recruited a high-powered management team that included a senior executive from Caesars Entertainment to construct a luxury resort on a fraction of the land that rival casinos like the Bellagio own.
But it had always made clear that the Cosmo β€” replete with a three-story crystal chandelier, luxury shops and the Western deutsche bank sells casinos of the New York club Marquee β€” was for sale.
Deutsche Bank took over the Cosmopolitan after it foreclosed on the resort's developer, Bruce Eichner, in January 2008.
see more Isaac Brekken for The New York Times Deutsche Bank has held the Cosmo in a part of deutsche bank sells casinos bank designated for noncore operations, which it will sell over time.
Earlier this year, the German firm was in talks with a number of prospective bidders, a person briefed on the matter said previously.
The firm has deutsche bank sells casinos a small piece of Caesars.
Credit Isaac Brekken for The New York Continue reading Correction: May 15, 2014 An earlier version of this article misstated when the sale of the Cosmopolitan was announced.
The deal was announced on Thursday, not Tuesday.

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Deutsche Bank provides Trump $125 million to renovate an office building at 40 Wall Street. More deals follow, with the bank providing or underwriting $1.3 billion to Trump entities over the next few years. More recently, Deutsche Bank has been at the center of schemes to help Russians secretly funnel money offshore.


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