Deutsche Bank AG is in talks with potential buyers of its Cosmopolitan resort in Las Vegas as it tries to end a six-year, money-losing venture into casino development, people with knowledge of the matter said.
The Bellagio Fountains gush 460 feet (140.2 meters) high every 15 minutes nightly. Golf courses carpet the desert, as they have since Frank Sinatra and the Rat Pack played Las Vegas. And the casino restaurants still serve water without asking.
The average gambling budget of Las Vegas visitors rose 10 percent to $530 last year, the biggest increase since 2005, according to a study released today by the city’s convention and visitors authority.
Galaxy Entertainment Group Ltd., the Macau casino operator that made Lui Che-woo Asia’s second- richest person, fell the most in more than a week in Hong Kong after reporting earnings that missed estimates.
MGM Resorts International, the largest casino operator on the Las Vegas Strip, said it’s ready to spend $5 billion to $10 billion in Japan, a day after competitor Las Vegas Sands Corp. said it planned to make a similar investment should gambling resorts be legalized.
Macau’s gambling riches sparked bloody gunfights between triad gangsters two decades ago. Today, there’s a new conflict brewing, only this time it’s being waged with private jets, limousines and million-dollar loans.