James Packer Missed Out On His Las Vegas Casino

An opening event at The Cosmopolitan in 2010 (Photo: Getty Images)

James Packer has been outbid for Las Vegas casino The Cosmopolitan by property group Blackstone.

The AFR says Packer’s Crown submitted a “conservative” offer for the property, which is owned by Deutsche Bank.

“It was a bid that made financial sense for Crown but – as a result – could be uncompetitive,” a source reportedly said.

DB became the owner of the casino after a foreclosure in 2008, and said it was happy to have found a buyer.

“As part of our Strategy 2015+, the Bank is committed to reducing its non-core legacy positions in a capital efficient manner which benefits shareholders“, Pius Sprenger, head of the non-core operations unit, said in a statement.

“We are pleased to have agreed to this sale and to have delivered on our commitment.”

The Cosmopolitan is right next door to the famous Bellagio on the Las Vegas strip, and would have given packer a foothold in the heartland of casino gaming.

There’s more here.

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