Deutsche Bank in the Casino Business

With Las Vegas casino revenue down for five straight months, perhaps this is not the best time to enter the casino mogul business.  Unfortunately, Deutsche Bank has had little choice but to foreclose on the $3.5 billion Cosmopolitan Resort & Casino in Las Vegas.  The bank attempted to sell the unfinished complex after 3700 Associates LLC, led by Ian Bruce Eichner, defaulted on a $760 million construction loan in January.  Deutsche Bank is in talks with companies including MGM Mirage and Hilton Hotels to help run the 80,000 square foot casino.  Bringing in a partner would allow Deutsche Bank to avoid having to obtain a Nevada gaming license, which is apparently not an easy process.  Deutsche has continued to fund construction on the 8.5 acre development which includes two high-rise towers, three wedding chapels, a sandy beach overlooking the Strip and a deck featuring "European-style bathing."  I must admit that this place sounds great, albeit in a very over-the-top-what-happens-in-Vegas-stays-in-Vegas kind of way.  However, it is likely that the bankers will cut some glitzy corners in order to keep the project on budget.  The interesting question remains: What does a German bank know about building and operating a casino?  If you consider the stock market to be the largest casino in the world, perhaps there is hope for this project after all.