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.”
Deutsche 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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