Report: Deutsche Bank To Sell $400 Million Interest In Las Vegas CasinosGerman Lender Will No Longer Have Stake In Red Rock Resorts |
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One of the world’s largest banks is cashing out for hundreds of millions of dollars in Las Vegas.
According to a report from the Financial Times, Deutsche Bank is planning to sell its $400 million stake in Red Rock Resorts, which owns nine casinos in Las Vegas.
The bank will be selling its entire 17-percent ownership stake in the casino operator.
The report said that the move comes at a tough time thanks to the bank agreeing to a multibillion-dollar settlement with the United States Department of Justice in an unrelated matter.
The bank is expected to book a profit on the sale.
The report added that investment groups Oaktree and Fidelity are also selling their Red Rock stakes, which are 3.8 percent and 6.9 percent of the company, respectively.
The casino operator is known for catering to the locals market. According to the company, 90 percent of the Las Vegas population is located within five miles of one its casinos.
Earlier this year, Red Rock Resorts agreed to buy the Palms Casino Resort for $312 million.
The move from Deutsche Bank comes about two years after it reached a deal to sell the Cosmopolitan Las Vegas for $1.73 billion.
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