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Access Denied Deutsche Bank to Sell Cosmopolitan Casino to Blackstone - The New York Times

Deutsche bank casino

Rivals who have lost staff members say the Cosmopolitan is offering pay packages that are some 30 percent higher than the industry standard. It is betting on a relatively young demographic, a challenging crowd that usually prefers partying. But the owner of the most expensive casino ever built in this hedonistic city, Deutsche Deutsche bank casino, is not announcing its arrival in lights.

Deutsche Bank spared no expense on the Cosmopolitan, whose casino floor is dominated by a deutsche bank casino glass chandelier that encompasses a cocktail bar. Guests rave about the oversize luxury hotel rooms with wrap-around terraces, which are often sold out. And management has lured popular restaurateurs and retailers. The Cosmopolitan is missing just one major component: On a 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.

The investment is also putting Deutsche Bank at odds with its own clients. Init hired the general deutsche bank casino at Caesars Palace to run the Cosmopolitan — a move that upset the parent company, Caesars Entertainment, a crucial customer of the bank, according to people with knowledge of the situation who were not authorized to speak publicly.

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. The bond powerhouse Cantor Fitzgerald runs the sports books deutsche bank casino the Tropicana and other locales. Until recently, Credit Suisse owned a stake in the Hard Rock Hotel and Casino. View Big Banks and Their Las Vegas Casinos in a larger map. But few companies have as much riding on the industry as Deutsche Bank.

The bank reluctantly inherited the Cosmopolitan injust as the local and national economy began to crumble. The lender foreclosed on Mr. Eichner and took control of the property, one of the first signs that the city was headed for hard times. Many big lenders and opportunistic investors ended up owning troubled, half-built properties in recent years.

Others decided to wait out the economic downturn. The billionaire Carl C. In contrast, Deutsche Bank doubled down on the Cosmopolitan, opting to go it alone after failing to find a partner. Almost immediately, the bank scrapped Mr. Deutsche Bank soon recruited see more high-powered management team, led by John Unwin, the former Caesars executive.

The Cosmopolitan, say rivals who have lost staff, is offering pay packages 30 percent higher than the industry standard. After click here years and an enormous financial commitment, the Cosmopolitan opened late last year to favorable reviews, said Mr. Deutsche bank casino Cosmopolitan has also attracted a distinctive lineup of retailers and restaurants, many of which are new to the local scene.

The trendy British clothing line AllSaints chose the casino for its first Las Vegas shop. The deutsche bank casino also has branches of top restaurants like Jaleo, the tapas restaurant by the Spanish chef José Andrés, and Blue Ribbon Sushi.

The Cosmopolitan is also home to Marquee, a popular outpost of a New York City hot spot. But the young clientele attracted to the Cosmopolitan is a notoriously fickle group. While they willingly spend on food and drinks, they are deutsche bank casino likely to drop deutsche bank casino on roulette or poker, typically the largest source of industry profits. Rivals deutsche bank casino Wynn Resorts, the Palms deutsche bank casino Hard Rock Casino have had varied results tapping into this demographic.

The demographic cuts both ways, said David B. People that are 40 years old and older simply have more money. Meanwhile, Deutsche Bank also has to contend with a tricky plot of land.

The Cosmopolitan sits on a mere 8. So Deutsche Bank had to build up rather than out, drawing comparisons to a New York City brownstone. The casino occupies the first floor, while restaurants, retailers and a common area with a pool table take up the next two.

It is a challenging design, as it forces customers to leave deutsche bank casino casino floor for food and shopping. All that has left Deutsche Bank struggling to attract a critical mass of gamblers. Deutsche bank casino most Las Deutsche bank casino properties, the casinos typically represent half of revenue, with the balance coming from lodging, retail and the like.

It deutsche bank casino less at the Cosmopolitan, according to industry analysts. Lerner deutsche bank casino Union Gaming, who previously covered the industry for Deutsche Bank.

Unwin cut a link with Marriott to gain access to its large database of travelers. While the list does not specifically focus on gamblers, it does allow the hotel to market its services to a deutsche bank casino group. Gallagher, a spokesman for Deutsche Bank. But behind the scenes, executives at Deutsche Bank have balked at some aspects of casino ownership.

Its chief executive, Josef Ackermann, has visited the Cosmopolitan only twice in recent years. Meanwhile, Deutsche Bank is years — if not decades — away breaking even on the Cosmopolitan, say analysts, given the weak cash flow and heavy debt load.

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Deutsche bank casino

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Gross gaming receipts in May rose almost 24 percent to deutsche bank casino That beat the median estimate for a Wynn Resorts Ltd rose as much as 4. The billion-dollar roll-outs of resorts by the local units of Sands and Wynn have paid off, enticing recreation gamblers and high stakes players. Hotel occupancy rates and retail performance in Macau are also improving, he said. Visitors to Deutsche bank casino in April deutsche bank casino by 11 percent to 2.

After a two-year slump amid a crackdown on corruption by the Chinese government, high rollers who stayed away are now also returning. Revenue from the high-rollers segment is seeing a strong resurgence with more aggressive credit extensions, Deutsche Bank AG analyst Karen Tang wrote in a note Wednesday. I think people starting to feel comfortable again, after the anti-extravagance and anti-corruption campaign.

Ho deutsche bank casino that full-year Macau gaming revenue growth could be in the low- to mid-double digits from his initial call at the beginning of the year for a high-single digit gain, he said. Chinese police in the same month cracked down on an underground banking channel to curb outflows, deutsche bank casino to Chinese media.

He said he sees more Chinese coming to Macau in years ahead. Bloomberg Anywhere Remote Login Software Updates Manage Products and Account Information. Facebook Twitter LinkedIn Instagram. Bloomberg Anywhere Remote Login Software Updates Manage Contracts and Orders. About The Company Bloomberg London. Global Startups Bloomberg Technology TV Gadgets With Gurman Digital Defense Studio 1. Global Risk Briefing Road to Brexit: Latest Issue Debrief Podcast Subscribe. Climate Changed Graphics Billionaires Game Plan Small Business Personal Finance Inspire GO The David Rubenstein Show Sponsored Content Send Tips.

Macau Casino Revenue Growth Sees Biggest Gain Since By Daniela Wei DanielaWei More stories deutsche bank casino Daniela Wei. Gaming revenue in May rises 24 percent from year earlier. Casinos see revenue growth from high deutsche bank casino, casual gamblers.

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News Update: Deutsche Bank's Cosmopolitan of Las Vegas hotel-casino new addition on Las Vegas Strip

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