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Vol. 7 No. 10, October 2008, Dateline
Deutsche Bank Finds Buyer
Interest in the struggling Cosmopolitan in Las Vegas has been lackluster after Deutsche Bank started foreclosure proceedings earlier this year. So it’s not a surprise that an affiliate of Deutsche Bank, Nevada Property 1 LLC, bought the property out of foreclosure for $1 billion last month.
Additionally, it was announced Perini Building Company has signed a “guaranteed maximum price contract” to complete construction of the
property. Perini had continued working on Cosmopolitan even when the
property’s future was uncertain.
Friedmutter Group and architecture company Arquitectonica Corp. of Miami, both of whom were part of the original design team, will remain under the new ownership. Two new companies have been added to the design team, however. Related Cos. of New York and W.A. Richardson Builders of Las Vegas will oversee the project.
Deutsche Bank has not announced who will operate the hotel or run the casino, but contracts are expected soon.
Some people also expect some announcements concerning design changes at the property. The side-facing casino entrance—reserving the limited Strip frontage of the property for retail boutiques—might be scrapped under the new team. Design changes could push back the opening of the property from the original late 2009 or early 2010 projection.
Additionally, it was announced Perini Building Company has signed a “guaranteed maximum price contract” to complete construction of the
property. Perini had continued working on Cosmopolitan even when the
property’s future was uncertain.
Friedmutter Group and architecture company Arquitectonica Corp. of Miami, both of whom were part of the original design team, will remain under the new ownership. Two new companies have been added to the design team, however. Related Cos. of New York and W.A. Richardson Builders of Las Vegas will oversee the project.
Deutsche Bank has not announced who will operate the hotel or run the casino, but contracts are expected soon.
Some people also expect some announcements concerning design changes at the property. The side-facing casino entrance—reserving the limited Strip frontage of the property for retail boutiques—might be scrapped under the new team. Design changes could push back the opening of the property from the original late 2009 or early 2010 projection.
Staff writers for Global Gaming Business magazine. Las Vegas, Nevada.
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