Germany’s biggest bank is cashing in its chips over a £1.75 BILLION Vegas casino complex.
Deutsche Bank AG will foreclose on the Cosmopolitan Resort and Casino after the project’s developers defaulted on a £380 million loan in January.
Now bank chiefs plan to run the project themselves with MGM Mirage and Hilton Hotels frontrunners to help them operate the 80,000 sq ft casino and get around the costly process of having to win a state gambling licence.
The 8.5-acre development also features two high-rise towers, three wedding chapels, a sandy beach overlooking the Las Vegas Strip and a deck featuring “European-style bathing” full of sunbeds to put towels on.
Insiders say the takeover has been forced on the Germans because of a huge drop in US property prices. The plan is to hold on to the Cosmopolitan until better times arrive.
Las Vegas is reeling from sluggish economic growth and soaring food and fuel costs. New figures from the Nevada Gaming Commission show casino revenues PLUNGED 16 percent in May, the fifth straight monthly decline.