Deutsche Bank To Sell Las Vegas Casino For $1.73BBlackstone Real Estate Partners VII To Acquire Carpet Joint |
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Deutsche Bank has found a buyer for the Cosmopolitan Las Vegas, located on the Strip.
The bank, the largest of its kind in Germany, said that Blackstone Real Estate Partners VII will acquire 100 percent of the casino complex for $1.73 billion in cash.
The sale price was in the middle of what some said was the actual value of the Cosmo and what the bank was ideally looking for.
The transaction is subject to regulatory approvals by the state of Nevada.
“As part of our Strategy 2015+, the Bank is committed to reducing its non-core legacy positions in a capital efficient manner which benefits shareholders," Pius Sprenger, Head of the Non-Core Operations Unit, said in a statement. “We are pleased to have agreed to this sale and to have delivered on our commitment."
The casino cost more than $3.9 billion to build and has never turned a profit.
Thursday’s announcement comes about a month after reports surfaced that Deutsche Bank was looking to sell the property, which features more than 100,000 square feet of gaming floor space.
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