As one of the largest investors and creditors in Las Vegas, Deutsche Bank's exposure to the casino gaming in the US city is now on a par with its exposure to countries impacted by the eurozone debt crisis.
According to a report in the Financial Times, the bank’s exposure to Las Vegas gaming now totals $4.9bn – a $3.9bn credit facility relating to the Cosmopolitan of Las Vegas casino resort and $1bn of debt and 25 per cent equity in Station Casinos. In Europe, the company has a $5.1bn exposure in countries affected by the financial crisis, namely Greece, Italy, Ireland, Spain and Portugal.
Las Vegas has been badly hit by the downturn, with unemployment levels rise above any other city in the US.
