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Deutsche Bank in Las Vegas casino gamble

By admin on 2011-01-08 11:10:02

As we have reported on several occasions in these pages at onlinecasino.ie Las Vegas is suffering in the economic downturn and has been for some time so it is a little surprising to find a New Years eve party to celebrate the opening of a brand new 3000 bed hotel and casino complex called the Cosmopolitan; even more staggering is that the owners are no less than Deutsche Bank. As you might imagine, all is not quite as simple as it sounds and the bank only got into this after an original loan of $60 million made in 2004 at the height of the boom to build a new casino went bad. By 2008 Deutsche Bank was in for over $750 million and for reasons known only to themselves decided to finish the project on their own culminating in the New Year opening. Reports suggest that the bank has now spent around $4 billion and is now adding thousands more beds into a market where they are worth very little and another casino where the current ones struggle to make a living. On the other side of the world things are quite different where Chinese tourists have contributed to  an over 50% rise in revenues in Macau making it the gambling capital of the world by a large margin; some reports suggesting that Macau is up to 4 times the size of Las Vegas in gambling revenue terms. Macau has been growing for some time as it is the only place in China where gambling is legal but there is competition from Singapore that also last year opened up a brand new casino. The American market seems to be in trouble and as long as internet gambling remains illegal making travelling to a casino the only way to place a bet it could be a long time before Deutsche gets a return on that particular investment.