After investing nearly $1 billion into the project, Deutsche Bank is expected to take over the financially troubled Cosmopolitan Resort Casino project, the Wall Street Journal reported.

The project is heading toward foreclosure with developer Ian Bruce Eichner defaulting on loans earlier this year. The Journal reported that discussions last week between Eichner and representatives of Deutsche Bank were expected to end with Eichner relinquishing all involvement with the property.

A New York-based developer, Related Cos., has reportedly contacted the bank about buying the project out of foreclosure.

By Casino Connection Staff