The Australian Crown Resort Ltd is looking to expand their business and is said to have prepared a $2 billion bid for a casino complex in Las Vegas. According to reports, Crown is interested in acquiring The Cosmopolitan in Las Vegas, which is a hotel and casino that has been in operation for three years.
The Cosmopolitan is owned by Deutsche Bank according to inside sources in the casino industry and it is expected that they are willing to sell the casino and hotel at around $1.5-$2 billion. But that's not all that Crown wants to take over, as they are also placing a bid at around $1 billion for a casino project in Brisbane.
They are also building brand new and exclusive casinos and hotels in Sri Lanka and the Philippines and also said they are looking into building a massive $5 billion hotel in Japan. Crown is controlled by billionaire James Packer, who is not afraid to spend a ton of money to make a ton of money.
The reason for Crown wanting to acquire The Cosmopolitan is simple, as they have been struggling to enter the US market after their previous two investments turned out wrong, due to the financial crisis. Deutsche Bank should be willing to sell The Cosmopolitan due to a net loss of around $284 million over three years of operating and has prepared this sale for more than 1.5 years.