The bank has become one of the biggest investors and creditors in the city
Deutsche Bank's exposure to Las Vegas casinos hits us$ 4.9 billion
(US).- Deutsche Bank AG's exposure to casinos in Las Vegas has reached us$ 4.9 billion, rivalling its exposure to countries affected by the euro-zone debt crisis, the Financial Times reported this week, without citing any source.
2011-10-19
Reading time 31 seg
(US).- Deutsche Bank AG's exposure to casinos in Las Vegas has reached us$ 4.9 billion, rivalling its exposure to countries affected by the euro-zone debt crisis, the Financial Times reported this week, without citing any source.
The bank has become one of the biggest investors and creditors in the US gambling capital, with a us$ 3.9 billion credit facility with the 3,000-room Cosmopolitan casino--a wholly owned unit which Deutsche Bank built when the developer defaulted on loans from the lender, the report said.
It also holds us$ 1 billion of debt and 25% of equity in Station Casinos, which owns several casinos in the Las Vegas area. This compares with Deutsche's us$ 5.1 billion exposure in Greece, Italy, Ireland, Spain and Portugal, the countries affected by the sovereign debt crisis, the report said.
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