🍒 Deutsche Bank Casino in Las Vegas - Business Insider

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Wikipedi Wall Street has often been referred to as a casino, but one bank actually owns a Las Vegas casino. Deutsche Bank's portfolio includes.


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Deutsche Bank sells lossmaking Cosmopolitan casino for $bn - BBC News
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Deutsche Bank is to Germany is what Wells Fargo is to the US, says banking analyst Ed Groshans

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Owning casinos was never part of Deutsche's strategy in Las Vegas and the bank told the Financial Times the Cosmopolitan – which cost about.


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Red Rock Resorts, Inc. to Participate in the Deutsche Bank Gaming, Station Casinos owns and operates Red Rock Casino Resort Spa.


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Casino Owned By Deutsche Banks; Deutsche Bank Problems; Deutsche Bank Online. LAS VEGAS--(BUSINESS WIRE)--After four major protests since January,​.


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Deutsche Bank Finally Sells Cosmopolitan For $1.73 Billion

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Image copyright Getty Images Image caption Deutsche Bank has owned The Cosmopolitan of Las Vegas for six years. Deutsche Bank has sold.


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Owning casinos was never part of Deutsche's strategy in Las Vegas and the bank told the Financial Times the Cosmopolitan – which cost about.


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Deutsche Bank Sells Vegas Casino For $1.73B

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Deutsche Bank AG is cutting itself free of The Cosmopolitan of Las Blackstone, which owns $81 billion in real estate assets globally and.


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The Cosmopolitan of Las Vegas is a luxury resort casino and hotel on the Las Vegas Strip in Hearst owns the trademark to Cosmopolitan magazine. In May , the Cosmopolitan was sold by Deutsche Bank to Blackstone Group for.


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Deutsche Bank CEO on the bank's association with Jeffrey Epstein

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Specifically, Deutsche Bank paid $ billion this spring to settle its part of a broad The Red Rock Casino, owned by Station Casinos.


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Deutsche Bank, Trump, the Supreme Court, Russia and why the president may be fighting so hard

In contrast, Deutsche Bank doubled down on the Cosmopolitan, opting to go it alone after failing to find a partner. The Cosmopolitan, say rivals who have lost staff, is offering pay packages 30 percent higher than the industry standard. Sign up for free newsletters and get more CNBC delivered to your inbox. At most Las Vegas properties, the casinos typically represent half of revenue, with the balance coming from lodging, retail and the like. News Tips Got a confidential news tip? Joe Cavaretta. After three years and an enormous financial commitment, the Cosmopolitan opened late last year to favorable reviews, said Mr. While big banks bristle at comparisons to casinos, big banks — by choice and by circumstance — have become a force in Las Vegas and other gambling hot spots. All that has left Deutsche Bank struggling to attract a critical mass of gamblers. In , it hired the general manager at Caesars Palace to run the Cosmopolitan — a move that upset the parent company, Caesars Entertainment, a crucial customer of Deutsche, according to people with knowledge of the situation who were not authorized to speak publicly. The casino occupies the first floor, while restaurants, retailers and a common area with a pool table take up the next two. Guests rave about the oversize luxury hotel rooms with wrap-around terraces, which are often sold out. The Cosmopolitan is missing just one major component: a deep base of gamblers. Markets Pre-Markets U. Eichner and took control of the property — one of the first signs that the city was headed for hard times. Get this delivered to your inbox, and more info about our products and services. We want to hear from you. On a recent Saturday night, the casino was almost empty as visitors flocked up one flight to the Marquee nightclub, where one inebriated partygoer threw up in line. Meanwhile, Deutsche Bank also has to contend with a tricky plot of land. CNBC Newsletters. The billionaire Carl C. The investment is also putting Deutsche Bank at odds with its own clients. Many big lenders and opportunistic investors ended up owning troubled, half-built properties in recent years. Unwin cut a deal with Marriott to gain access to its large database of travelers. But the young clientele attracted to the Cosmopolitan is a notoriously fickle group. All Rights Reserved. Data also provided by. Leaving Las Vegas? Its chief executive, Josef Ackermann, has visited the Cosmopolitan only twice in recent years. While the list does not specifically focus on gamblers, it does give the hotel a wider group to whom it can market services. It is betting on a relatively young demographic, a challenging crowd that usually prefers partying. Related Securities Symbol. Gallagher, a spokesman for Deutsche Bank. The bank reluctantly inherited the Cosmopolitan in , just as the local and national economy began to crumble. Others decided to wait out the economic downturn. Meanwhile, Deutsche Bank is years — if not decades — away from breaking even on the Cosmopolitan, say analysts, given the weak cash flow and heavy debt load. The lender foreclosed on Mr. To help build the casino profits, Mr. Lerner of Union Gaming, who previously covered the industry for Deutsche Bank. The Cosmopolitan has also attracted a distinctive lineup of retailers and restaurants, many of which are new to the local scene. It is a challenging design, as it forces customers to leave the casino floor for food and shopping. Almost immediately, the bank scrapped Mr. Deutsche Bank spared no expense on the Cosmopolitan, whose casino floor is dominated by a three-story glass chandelier that encompasses a cocktail bar. Get In Touch. People that are 40 years old and older simply have more money. The Cosmopolitan sits on a mere 8.

But the owner of the most expensive casino ever deutsche bank owns casino in this hedonistic city, Deutsche Bankis not announcing its arrival in lights. The demographic cuts both ways, said David B.

While they willingly spend on food and drinks, they are less likely to drop thousands on roulette or poker — typically the largest source of industry profits. Market Data Terms of Use and Disclaimers.

Deutsche Bank soon recruited a high-powered management team, led by John Unwin, the former Caesars executive. And management has lured popular restaurateurs and retailers. But behind the scenes, executives at Deutsche Bank have balked at some aspects of casino ownership. It is less at the Cosmopolitan, according to industry analysts. The bond powerhouse Cantor Fitzgerald runs the sports books at the Tropicana and other locales.