Deutsche Bank sells The Cosmopolitan Casino in Vegas

Deutsche Bank AG is selling the Cosmopolitan Casino that has been one of its investments that turned out to be not so profitable.

The bank has been trying to sell it since before it started working in 2010 and now it is being sold for $ 1,73 billion to Blackstone Real Estate Partners VII.

The Cosmopolitan has been functioning as a hotel after being built by Deutsche Bank AG when its original developer failed his business because of a loan matters.

It has been stated as a “decidedly different” casino that avoided the kitsch that is common within the industry, aiming to work with the gamblers that are into “just the right amount of wrong”.

One of the most famous clubs in United States, called Marquee is a part of Cosmopolitan Casino and the restaurants of the complex are run by celebrity chefs.

The fact that the restaurant-night club part is prevailing over gambling has led to the casino’s failure.

Blackstone is a company that specializes in buying under-performing property and re-selling it after making improvements. They state themselves as the biggest opportunistic real estate manager in the world.

The company’s managing Director says that: “Blackstone recognizes the value and potential in the Cosmopolitan and Las Vegas, and looks forward to working to build on the success to date”.

“This marks the beginning of the next chapter for The Cosmopolitan of Las Vegas and the thousands of dedicated CoStars who are committed to providing a compelling guest experience. It is a testament to our unique approach to the Las Vegas market.” – says CEO John Unwin.