The transaction has lifted a heavy weight off Deutsche Bank’s shoulders, with its capital ratio expected to rise five basis points upon completion of the transaction. A spokesman for the bank says it made a “small profit” from the sale.
Although Bloackstone owns a part of Caesars, the Cosmopolitan is essentially the firm’s first full venture into casinos. Blackstone’s real estate arm is pretty well-financed with a worth of about $81 billion.
The transaction scuttled rumors that Crown Resorts was looking to buy the Cosmopolitan. The James Packer-led casino operator reportedly offered $2 billion for the complex.