RSS 2.0 FeedVol. 4, No.9, September 2008, Tumbling Dice
Deutsche Bank looking for Cosmo partner
According to Bloomberg News, Deutsche Bank is talking to a number of companies, including MGM Mirage and Hilton Hotels Corp., about operating the Cosmopolitan in Las Vegas.
The German bank is in the process of foreclosing on the $3.5 billion casino, and is trying to decide whether to sell the property or hold on and look for a partner. With current economic troubles plaguing the United States, the company is playing the waiting game.
“Deutsche Bank wants to be engaged in banking, not running a casino,” London-based analyst Matthey Clark told Bloomberg. “They’ve had to decide between selling the Cosmopolitan into a bad market or holding on for better times.”
Bloomberg was unable to secure comments from any of the mentioned partners, but Reuters was able to get confirmation from bank spokesman Ted Meyer that the company is “looking for partners.”
Meyer also told Reuters that the property will still open as scheduled later next year.
The German bank is in the process of foreclosing on the $3.5 billion casino, and is trying to decide whether to sell the property or hold on and look for a partner. With current economic troubles plaguing the United States, the company is playing the waiting game.
“Deutsche Bank wants to be engaged in banking, not running a casino,” London-based analyst Matthey Clark told Bloomberg. “They’ve had to decide between selling the Cosmopolitan into a bad market or holding on for better times.”
Bloomberg was unable to secure comments from any of the mentioned partners, but Reuters was able to get confirmation from bank spokesman Ted Meyer that the company is “looking for partners.”
Meyer also told Reuters that the property will still open as scheduled later next year.
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