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Blackstone to Buy Cosmopolitan Resort for $1.73 Billion

Deutsche Bank AG agreed to sell the Cosmopolitan of Las Vegas hotel and casino to Blackstone Group LP for $1.73 billion in cash, ending a six-year money-losing venture into casino development.

“The bank is committed to reducing its non-core legacy positions in a capital-efficient manner which benefits shareholders,” Pius Sprenger, head of the Frankfurt-based lender’s non-core operations unit, said in a statement today. The division is selling and winding down assets that Deutsche Bank doesn’t consider to be central to its business.