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Deutsche Bank To Cosmo Boss : "Take a heichner!"

By Chuckmonster on Tuesday, 12th August 2008 5:28am
  » filed under Las Vegas  comments: 1


German banking monstrosity "Deutsche Bank" (which roughly translates to... German Banking Monstrosity) has foreclosed on the $3.5B Cosmopolitan Resort & Casino after it's boss Ian Bruce Eichner defaulted payments on a $760M loan.

Deutsche Bank had this to say:

Eine kleine nachtmusik, die mensch machine kraftwerk fahrvergnugen heineken von beethoven tristan und isolde zauberfloten herzen schmertzen webern berg und schoenberg funkenstein! TAKE A HEICHNER!"

Which, according to my German to English dictionary roughly translates to: don't let our partially constructed $3.5B doors hit your ass on the way out. More or less.

In all seriousness, yes... Eichner is out and DB now owns the property, which raises a bajillion questions among them:

1) Do over?

While it would be fascinating to see exactly how Controlled Demolition Inc would engineer the implosion of Cosmo given the lack of clearance to drop it on all sides, the fact is that Cosmo is past the point of no return when measured by dollars invested and construction completed. If DB or whomever ends up with the property decides to drop it, how about taking out the front 1/3 of the P-Ho while your at it. Timberrrrr!

2) Will DB sell the property? Who will buy?

Most pundits are saying that DB is going to complete construction, trimming the cost edges along the way. With many of the Strip construction projects either in neutral or grinding gears on the highway, the possibility of anyone - including MGMMirage and their deep pocketed friends from Dubai - being able to harvest enough cheddar to buy and build onto a half done half baked dream is a long shot at best. MGMMirage seems like the obvious choice if a sale were to happen as Cosmopolitan's very Barbary Coast-ness surely pricks their west Strip vision.

3) Can DB feasibly continue to build and then operate?

This seems like the most realistic solution. Recent reports are stating that DB is looking to partner with MGM Mirage, Grand Hyatt, Starwood Hotels & Resorts and Hilton Hotels to operate after it opens in late 2009.

Again MGM Mirage seems like an obvious choice, but given that they already have a management contract for CityCenter (which they 50-50 with Dubai World) there could be a potential for MGM Mirage having do some legal maneuvering due to potential conflicts of interest.

Fascinating stuff.



Comments & Discussion:

Well add another 1/2 built steel eyesore to the list on the Vegas strip. This along with Echelon.....who's next Fontainebleau?

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