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Crown Resorts Interested In Las Vegas Casino

Australian Firm Might Want To Buy The Cosmopolitan


The Cosmopolitan on the Las Vegas Strip is on the market, and an Australian casino firm is reportedly among those who are interested in acquiring it for the price tag of $2 billion.

According to The Sydney Morning Herald, Crown Resorts, which is owned by billionaire James Packer, is looking at expanding to the United States. The firm has made previously unsuccessful moves to get into the Las Vegas casino market.

The casino is currently owned by Deutsche Bank, which is the largest bank in Germany.

A deadline for firms to express formal interest in the casino is fast approaching.

According to a Bloomberg report, the complex “cost more than $3.9 billion to build and has never turned a profit…The Cosmopolitan reported 2013 earnings—before interest, taxes, depreciation and amortization—of $103 million, a 56 percent increase from 2012. Still, it’s posted net losses of around $100 million every year since opening.”

Crown Resorts is eyeing casino projects elsewhere, including Sri Lanka, Macau and the Philippines. Japan is also on the firm’s radar.

Tags: Cosmo,   Las Vegas,   Nevada,   James Packer,   Crown