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Deutsche Bank AG
Deutsche Bank sells Vegas casino for $1.73 billion

Deutsche Bank is selling the swanky but unprofitable Cosmopolitan of Las Vegas resort and casino on the Strip to Blackstone Real Estate Partners VII for $1.73 billion. The last major Las Vegas resort approved before the Great Recession, the $3.9-billion Cosmopolitan was built by Deutsche Bank after its original developer defaulted on a loan. The Cosmopolitan has branded itself as a "decidedly different" kind of casino, eschewing the kitschy themes common among its competitors and catering to a more urbane kind of gambler and clubgoer with the tag line "just the right amount of wrong." The German investment bank said Thursday that the cash deal remains subject to...

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