Deutsche Bank sells Las Vegas casino to Blackstone for $1.7 bln

FRANKFURT Thu May 15, 2014 10:24am EDT

FRANKFURT May 15 (Reuters) - Deutsche Bank said it struck a deal to sell its casino complex in Las Vegas to buyout group Blackstone for $1.73 billion in cash, drawing a line under an unwanted investment that has weighed on its balance sheet for years.

The lender made a "small profit" from the sale of casino, called The Cosmopolitan, a spokesman said on Thursday.

Deutsche Bank took ownership of the resort when it foreclosed on the project after the previous owner defaulted on a construction loan in 2008. (Reporting by Arno Schuetze; Editing by Ludwig Burger)