Says Cosmopolitan Casino Not For Sale

The CEO of Deutsche Bank’s “luxury resort casino on the Las Vegas Strip” tells workers that the property is “not for sale.”

  • Cosmopolitan-Las VegasDeutsche Bank continues to extract cash interest payments from its Las Vegas casino, having received $115.2 million in interest on its $3.9 billion credit facility to the casino, where $3.5 billion has been drawn.
  • While the Cosmopolitan continues to spend money on expansion, its current LTM EBITDA of $85.9 million makes it difficult to achieve valuation that is anywhere close to the $4.2 billion total amount Deutsche Bank has spent on the project.
  • Who at Deutsche Bank has decided that the Cosmopolitan is “not for sale”? Deutsche Bank does not have full, unfettered control over the Cosmopolitan. As a result, it is not entirely clear who in Frankfurt, if anybody, is capable of deciding whether or how to disentangle the bank from its expensive Las Vegas venture.

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