Hot news

Dublinbet

Dublinbet

DublinBet.com is an innovative and classy casino and card room. It offers classic online casino game favourites plus some of the best live dealer games on the net for January 2012.

Through the latest webcasting technology you can interact with dealers from the privacy of your home (or office!). The sounds and dealer action is live from the Fitzwilliam Card Club and Casino, in Dublin Ireland. DublinBet's Distance Gaming® is a 'must try even if you're not fussed for live dealer games - try the unique early payout

+ More info...

888

888

Do you find it hard to get to a live casino to play poker? Then simply come to 888poker, the best poker online room in Australia and experience the same thing with no hassle.888 Casino is one of the most famous casinos in cyberspace, thanks to some of the most eye-catching promotions in the industry and an ongoing commitment to innovation. Owned and operated by a subsidiary of 888 Holdings plc, which is listed on the London Stock Exchange, 888 Casino was launched in 1997 and more than 25 million people have played here since.

+ More info...

365 Casino

365 Casino

Enjoy a huge selection of casino games at 365 Casino with monthly bonuses and weekly promotions, Play Blackjack, Roulette, Baccarat, Slots, and Video Poker and win big at 365 casino. 24hrs a day, 365 days a year Safe & secure with excellent Customer Service.

+ More info...

Elegance Casino

Smart Live Casino

The unique thing about Smart Live Casino is its live casino games. It offers live baccarat, live roulette and live blackjack where the player sees the dealer and the action unfold infront of his own eyes. They have a fully array of games as well as sports betting. The site also comes in a variety of languages.

+ More info...

Deutsche Bank sells Vegas casino for $1.73B

E-mail Print PDF

Michelle Rindels, AP Business Writer 5:38 p.m. EDT May 15, 2014

LAS VEGAS (AP) — Deutsche Bank is cutting itself free of The Cosmopolitan of Las Vegas resort and casino, saying it's selling the swanky but unprofitable high-rise complex on the Strip to Blackstone Real Estate Partners VII for $1.73 billion.

The German investment bank said in a statement Thursday that the cash deal remains subject to regulatory approvals. The bank had intended to sell the property from before it even opened in 2010 and had placed The Cosmopolitan in a separate bank division devoted to winding down or selling unwanted investments.

Blackstone, which owns $81 billion in real estate assets globally and describes itself as the largest opportunistic real estate investment manager in the world, is in the business of buying underperforming property and re-selling it after making improvements. It owns nearly 1,000 homes in Nevada and the upscale Hughes Center office complex in Las Vegas, as well as a small portion of casino company Caesars Entertainment.

"Blackstone recognizes the value and potential in the Cosmopolitan and Las Vegas, and looks forward to working to build on the success to date," Tyler Henritze, the company's senior managing director, said in a statement.

The last major Las Vegas resort approved before the Great Recession, the $3.9 billion Cosmopolitan, was built by Deutsche Bank after its original developer defaulted on a loan. Initially conceived as a condo complex, it retains large rooms and kitchenettes even though the project morphed into a hotel after the housing market crashed.

The Cosmopolitan has branded itself as a "decidedly different" kind of casino, eschewing the kitschy themes common among its competitors and catering to a more urbane kind of gambler and club-goer with the tagline "just the right amount of wrong."

The casino is home to Marquee, one of the top-grossing nightclubs in the United States, and features a three-story bar enveloped by a giant chandelier.

But its emphasis on entertainment and celebrity-chef-run restaurants over gambling, and a smaller database of regular gamblers than its casino chain competitors, hit the resort's bottom line.

"Optimally you want to use the food and beverage as a driver for gambling," said David G. Schwartz, director of the Center for Gaming Research at the University of Nevada, Las Vegas. "They've definitely struggled to establish an identity as a gaming destination on the Strip."

While gambling revenues citywide remain lackluster, tourism overall is on the rebound and hotel rooms are commanding higher rates. In March, the city's average daily room rate rose 21 percent from a year earlier, according to tourism officials.

"Hotels are hot again across the board," said Leo Leyva, an attorney who advises private equity firms on acquisitions and who wasn't involved in the Blackstone deal. "Deutsche was strong enough not to just dump it in the worst market. They've waited for the market to move. Hotels are now an investment that's rising."

Officials at the resort said they were "genuinely excited" to hear about the sale.

"This marks the beginning of the next chapter for The Cosmopolitan of Las Vegas and the thousands of dedicated CoStars who are committed to providing a compelling guest experience," CEO John Unwin said. "It is a testament to our unique approach to the Las Vegas market."

Associated Press writer David McHugh in London contributed to this report.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Read or Share this story: http://usat.ly/1iQpZjg

Read more http://news.google.com/news/url?sa=t&fd=R&ct2=us&usg=AFQjCNFnymzmjUpf5UDS7fDEgNK6-1h3Vg&clid=c3a7d30bb8a4878e06b80cf16b898331&cid=52778504303694&ei=Q411U5jpBMGcgQe9SQ&url=http://www.usatoday.com/story/money/business/2014/05/15/deutsche-bank-sells-vegas-casino-for-173-billion-dollars/9141623/

You are here