Deutsche Bank sells lossmaking resort

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Deutsche Bank has sold the lossmaking Cosmopolitan of Las Vegas casino and resort to private equity giant Blackstone for $1.7bn in cash.

The BBC reports that the Cosmopolitan, a two-tower complex located on the Las Vegas Strip, cost more than $4bn to build but has not made a profit since it opened in 2010.

Deutsche took over the property after its developer defaulted on a loan.

But the bank said it moved to sell the development because it was not central to its business.

'The bank is committed to reducing its non-core legacy positions in a capital-efficient manner which benefits shareholders', Pius Sprenger, Deutsche's head of non-core operations said in a statement.

To access the complete BBC article hit the link below:

Deutsche Bank sells lossmaking Cosmopolitan casino for $1.7bn 

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