The world’s largest private capital firm, Blackstone, is buying Cosmopolitan on the Las VegasStrip from Deutsche Bank for $1.73bn.
Deutsche Bank spent $4bn building the Cosmopolitan after it foreclosed on developer Bruce Eichner in 2008. The casino is being bought through Blackstone’s real estate arm, also the world’s largest real estate firm with $81bn.
This is Blackstone’s first full venture into casinos, although it has owned part of Caesars.