Cosmopolitan Casino Reported Up For Sale
The Cosmopolitan Casino & Hotel in Las Vegas could be up for sale for somewhere in the region of $4 billion according to reports. Owners of the resort, the investment firm Blackstone Group who acquired the property from Deutsche Bank for $1.7 billion in 2014.
Deutsche Bank took control of the Cosmopiltan resort because of a crisis-related loan default back 2008 from the original owners. The Blackstone group over that time have spent heavily in redesigning the hotel rooms and slots area.
Although no official word has come from Blackstone on the sale it is understood those close to the business have said that it is up for sale at the right price.
The Cosmopolitan was built during the 2008 financial crash and opened in 2010 at a cost of $3.9 billion, it never really had a chance of success because of the time of construction and rising costs and went it financial difficulties soon after construction started with its lender Deutsche Bank and finally defaulted on payments allowing the bank to seize control and complete the construction with a 2010 opening.
