$3-billion casino project in default
Nevada’s foreclosure crisis claimed a high-profile victim as investment bank Deutsche Bank took the first step toward foreclosing on the $3-billion Cosmopolitan Resort & Casino project.
Developer and owner Ian Bruce Eichner said his company, 3700 Associates, was working with Deutsche Bank and Merrill Lynch & Co. to find new investors. The $760-million construction loan from Deutsche Bank went into default Wednesday, the company said.
A Deutsche Bank spokesman did not return a call seeking comment.
The 2,998-room high-rise is under construction between the Bellagio casino resort and the CityCenter complex on the Las Vegas Strip.
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