(23 November 2010 – USA) Deutsche Bank has opened a US$4 billion (A$4.1 billion) high-end hotel and casino in Las Vegas, deciding to take on the project after the developer defaulted on his loans.The casino and hotel, opening on the 14th December, has 3000 rooms, 83 gambling tables, 1474 slot machines and a three-story crystal bar, which has been designed to look like the inside of a chandelier.
The investment bank took the gambling to become part of the casino scene after Ian Bruce Eichner, the Cosmopolitan’s original developer, defaulted on repayments for the construction loan.
The sum of Deutsche Bank’s loan to Mr Eichner began at US$62 million, however after increases totalled US$1 billion by the time of default.
At the time of foreclosure, only eight of the fifty storeys planned for the building were complete.
Deutsche Bank originally offered the project to the Hilton and MGM, and failing that tried to find other investors.
When new investors could not be found the investment bank decided to bring in its own experts to complete the job.
Insiders have said that Deutsche Bank, who has invested around US$4 billion, is committed to the casino for the foreseeable future.
According to figures from the Las Vegas Convention and Visitors Authority, the city reported higher year-on-year visitor numbers for 13 consecutive months to the end of September, while room rights were up year-on-year for seven months.