Deutsche Bank Sells Cosmopolitan To Blackstone For $1.7B

Deutsche Bank AG (NYSE:DB) (ETR:DBK) (FRA:DB) announced today it has sold the loss-making Cosmopolitan of Las Vegas casino and resort to the world’s largest private-equity firm The Blackstone Group L.P. (NYSE:BX) for $1.7 billion. The sale ends the Germany’s largest lender’s six-year money-losing venture into the casino development. Deutsche Bank: Loss-making venture As reported earlier, Deutsche Bank AG (NYSE:DB) (ETR:DBK) (FRA:DB) had been seeking to exit the Casino business for around $2 billion. In fact, Deutsche Bank AG didn’t ask to get into the Las Vegas casino business, the acquisition occurred as a result of a margin call that couldn’t be…