CC/M-MGM
C-Cosmopolitan
DB-Deutsche Bank

Chris and I and Sandy and Roger Herman were there at the opening night of C. We have read extensivley of the background of C, CC/MGM & DB. We were interviewd that night 3 years ago and here is the story as written by the reporter for the Süddeutsche Zeitung. I translated it on a auto tranlator so some is repeated and some is jibberish! Here is the bototm line as I see it.

DB offered to fund the remaining construction loans ($800,000,000) of CC/M if the folks would take over the management of C and they said: NO! There is no financial relationship between CC/M and C at all, never has been! The DB folks would love to get rid of C but there are no prospects at the moment!

Read the article, it is very eye opening if somewhat difficult to follow!

Written by:

Moritz Koch
Correspondent
Süddeutsche Zeitung

ihnachtsliedernAfter three years of crisis at last a party: The German bank opened its luxury resort with an attached casino - in the middle of Las Vegas. The everyday madness culminates at dusk. Before the Treasure Iceland thunder the guns of the pirate ships. On the cleaning material blue channels of the Venetian gondoliers belting out her arias. The Mirage courting with a fire-spitting volcano to the attention of passers-by and next door dancing water fountains of Bellagio to the beat of to the beat of Christmas carols.
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the night sky project. Only a few blue halogen strips decorate the facade of glass and steel. Restraint has become an attraction on the Strip, the entertainment district of Las Vegas flash, and the incessant flashes. With its strict edges of the new development would fit well into Frankfurt's financial district. What the issue would be raised. The Cosmopolitan is not just any hotel. It is a luxury resort with an attached casino - and it and it is part of Deutsche Bank, that after three years of crisis at last a party: The German bank opened its luxury resort with an attached casino - in the middle of Las Vegas. The everyday madness culminates at dusk. Before the thunder Treasure Iceland With all the fanfare, surrounded
the financial industry against their bad reputation. Desperately trying to counter the banks feel they are venues for billions of gamers. And what makes Germany's largest bank? It carves the casino capitalism in stone. The everyday madness culminates at dusk. Before the thunder Treasure Iceland, on Wednesday opened the Cosmopolitan. For months, the city hadon Wednesday opened the Cosmopolitan. For months, the city had feverishly awaiting this moment. After three years of crisis at last a party. Now Las Vegas has 3,000 rooms, 1,500 slot machines, 13 restaurants and a shopping center more. And the German bank has at best an image problem, and if things go badly, a billion dollar hole in its balance sheet. fighting with a vengeance

The everyday madness culminates at dusk. Before the thunder Treasure Iceland, on Wednesday opened the Cosmopolitan. For months, the city had feverishly awaiting this moment. After three years of crisis at last a party. Now Las Vegas has 3,000 rooms, 1,500 slot machines, 13 restaurants and a shopping center more. And the German bank has at best an image problem and if things go badly, a billion dollar hole in its balance sheet. fighting with a vengeance around in black miniskirts outside a bar. "Wow it looks," says Christine. "So European. The German bank can be proud of their casino.” the financial industry against their bad reputation. Christine and Sheldon Smith is not interested in what a fine irony was immortalized in the luxurious development, in which they stand. The retired couple from Las Vegas casino chip collecting. The commemorative coins of the opening day are particularly sought after by connoisseurs. "Today I cleared extra two empty savings accounts, a total of 900 dollars," says Sheldon. A few chips he wants it framed at home, sell the rest if their value has increased. "It's like a Roll Royce. It's like a roll’s Royce, "says Sheldon. An hour wait for the Smiths, already, Sheldon in the hooded sweatshirt, Christine cardigan, embroidered with cocktail glasses. At last come upon the guards, the doors of the Cosmopolitan. Inside booming

guards, the doors of the Cosmopolitan. Inside booming electro beats. Everywhere it sparkles. The Smiths push itself . shops and gaming tables over to the lobby here is the big eye-catcher of the hotel: chandelier crystals of two million over two floors reached and in the middle rate fluctuations, the German bank's shares read. Even investment bankers joke at the Deutsche Bank in New York that its premium content will soon be paid in casino chips. But is it too? It is striking that no senior bankers on Wednesday in Las Vegas looks. Equally significant is the brief press release in which the German bank coyly referred to as a financial investor in the project. She is referred to as a financial investor in the project. She is the sole owner. The 5,000 employees of the Cosmopolitan - the pages to the hotel manager - are part of the Frankfurt family of companies. "What happens in Vegas stays in Vegas," it says. In future, it can be seen in de

Even for Las Vegas is the opening of an incision Cosmopolitan. The hotel could herald a new chapter in the history of the vice-oasis. It was once ruled the Mafia. Then took over large companies such as MGM Mirage and Las Vegas Sands business. Now trying her luck high finance in the desert of Nevada. Die German Bank plays for high stakes. Four billion dollars it has invested in the construction of the Cosmopolitan. Enough to German Bank CEO Josef Ackermann and his leadership lacking to get embarrassed, should the investment fail. As if the Frankfurter is not enough to worry. There is the crisis of the Euro zone, the concern for the stability of the whole European banking system. There are the new capital requirements and finance laws that force the industry to correct their business model. Ironically, in such a serious situation, it turns out that the German bank has signed a multi-billion bet on the city of Las Vegas.

ran a calculated risk. The creditors of developer Ian Bruce Eichner was 60 million dollars he borrowed at first. But Las Vegas was booming. Year after year, attracted more players to the casinos. The price for the construction of the Cosmopolitan, rose and with it the loans granted by the Deutsche Bank. In no case did the price for the construction of the Cosmopolitan, rose and with it the loans granted by the Deutsche Bank. In no case did the Frankfurt deserts miss the party. Scorn and ridicule are certainly the people of Frankfurt. They say anyway that the trading rooms of the financial groups have turned into casinos. If you click on the prices of oil, gold, wheat can share, why not on red, black or three suns? Cynics have at Cosmopolitan delight. As a casual gamer, who gradually falls to gambling, the financial group slid into his Vegas venture. Initially the bank was doing only what banks should do: You forgave a loan and

n builders went bankrupt. No one believed that the streak would ever end. 100 years unbroken trend was the casino industry behind him, and why it should ever be otherwise? The banal realization that the past not the future can determine, was in Las Vegas into a bitter lesson. The crisis has scarred the city and sent the unemployment rate to depression level. Semi-finished the crisis has scarred the city and sent the unemployment rate to depression level. Semi-finished and abandoned construction sites hotels testify about how quickly the luck turned when the first 2008 Ian Eichner also said its bankruptcy, but since he had already borrowed nearly a billion dollars from the Deutsche Bank. The Frankfurt faced a choice: write or stop and continue playing and keep your fingers crossed? Finally they did what many players in Las Vegas and do regret most after. They doubled their efforts. And as if that was not enough, they tripled it.

en dollars he paid, but instead of completing the shell, Icahn killed it off. Even the toilets have already built it verscherbelte. No other investor was nearly as bold. Not even the billionaire Carl Icahn, who is notorious for its risky business. Icahn bought a year ago, the nearly completed Fontainebleau Hotel and Casino, not far from Cosmopolitan removed. The fate of Fontainebleau and Cosmopolitan could hardly be more different - and that's what should give pause German bank shareholders. Icahn knows about the gambling business. The German bank is not. 150 million The German bank on the other hand decided to take over the semi-final of Cosmopolitan Eichner. The original plans for rocking giant robots in the lobby of the Frankfurter rejected and hired the interior designer David Rockwell to transform the department into a temple of luxury, in a casino � la Ackermann

n the crisis. The City Center earns just enough to pay the personnel costs and costs for electricity, water and air conditioning systems. Earnings prospects? Not applicable. Not even for the debt that goes. From the pool of Cosmopolitan has a magnificent view of the half-empty portent. $ 8,500,000,000 MGM and Dubai World have put into the City Center. Only a fraction of the complex is worth today. The German bank suspects apparently how reckless her InvestmenA billion dollars already written off thanks to the transfer of capital from Frankfurt Las Vegas with the Cosmopolitan may change a city-planning extrapolate that it has begun a year ago with the "City Center". The high-rise complex would oppose the backdrop of an urban landscape on the Strip contrast. Star architects like Norman Foster, Helmut Jahn and Daniel Libeskind have been tasked to give the party area prestige and respectability. But nothing helped thegivent is. "We are confident that the management team put together by us to be successful and will serve our shareholders as well as I can," can be announced to the Institute. Confidence sounds different. A billion dollars has written off the bank on its casino already. Even if the hotel will generate the same cash flow as the larger Even if the hotel will generate the same cash flow as the larger Bellagio is expected to take 15 years to the Frankfurter their use have restored.

A billion dollars already written off thanks to the transfer of capital from Frankfurt Las Vegas with the Cosmopolitan may change a city-planning extrapolate that it has begun a year ago with the "City Center". The high-rise complex would oppose the backdrop of an urban landscape on the Strip contrast. Star architects like Norman Foster, Helmut Jahn and Daniel Libeskind have been tasked to give the party area prestige and respectability. But nothing helped the given the crisis. The City Center earns just enough to pay the personnel costs and costs for electricity, water and air conditioning systems. Earnings prospects? Not applicable. Not even for the debt that goes. From the pool of Cosmopolitan has a magnificent view of the half-empty portent. $ 8,500,000,000 MGM and Dubai World have put into the City Center. Only a fraction of the complex is worth City Center. Only a fraction of the complex is worth today. The German bank suspects apparently how reckless her Investment.Colwell talks a lot and fast. He praises the location right on the Strip, boasts the balconies of the hotel rooms and praised the cooperation with the Marriott hotel group. But suddenly but suddenly Colwell falters. "I would bet that the German bank gets their money back?" Colwell repeated the question in order to gain time. Twice he starts, stretched his lips, but does not speak. "I hope so. We all hope so. But that bet, I know nice is. "We are confident that the managementBut that bet, I know nict is. "We are confident that the management team put together by us to be successful and will serve our shareholders as well as I can," can be announced to the Institute. Confidence sounds different. The timing is unfortunate that a billion, "says Chris Colwell," but it the timing is unfortunate that a billion, "says Chris Colwell," but it could be worse. The casino business in Vegas has stabilized in the months before the opening. "Colwell worked for the gambling counseling Fine Point Group