Deutsche Bank divests lossmaking Las Vegas gambling for $1.7bn — RT Business:
"Germany’s biggest lender, Deutsche Bank, has sold its luxury, but profitless, casino resort, The Cosmopolitan of Las Vegas, to the US-based Blackstone Group for $1.7 billion in cash.
No closing date has been disclosed for the transaction that will be an all-cash deal. The deal remains subject to Nevada regulatory approval.
“As part of our Strategy 2015+, the Bank is committed to reducing its non-core legacy positions in a capital efficient manner which benefits shareholders,” said Pius Sprenger, Head of the Non-Core Operations Unit, as cited in a press-release on DB’s website. “We are pleased to have agreed to this sale and to have delivered on our commitment."
Deutsche Bank bought the Cosmopolitan at the onset of the financial crisis in 2008 for $3.9 billion."
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