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IN-DEPTH: Blackstone buys Vegas resort for $1.7b
The Blackstone Group has agreed to pay $1.7 billion to Deutsche Bank for The Cosmopolitan of Las Vegas.
Deutsche Bank agreed to sell Nevada Property 1, the owner of The Cosmopolitan of Las Vegas, to Blackstone Real Estate Partners VII in an all-cash deal for full ownership.
The German investment bank said in a statement that the cash deal remains subject to regulatory approvals. Deutsche Bank, which has been grappling with falling profits and new banking rules, said the sale will have a "positive impact" on the bank's Tier 1 capital ratio.
The deal ends Deutsche Bank’s casino business after it foreclosed on the resort’s developer, Bruce Eichner, in January 2008.
The sale repres