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Deutsche Bank to sell Las Vegas property

Deutsche Bank is in talks with potential buyers of its Cosmopolitan resort in Las Vegas as it tries to end a six-year, money-losing venture into casino development. The bank is seeking more than $2 billion and the proposal has attracted at least four possible bidders. Deutsche Bank foreclosed on the property after developer Ian Bruce Eichner defaulted on a construction loan in January 2008, and has labeled it a temporary investment. Parting with the Cosmopolitan now could make the best of an unprofitable situation. Because business has been improving – the resort’s revenue rose 9.6% to a record $653 million last year – the property could fetch more than at any time since it opened in December 2010. The two-tower complex that opens onto the Las Vegas Strip cost more than $3.9 billion to build and has never turned a profit.

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