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Imagine walking down the famous Strip in Las Vegas and entering Deustche Bank. Not only to withdraw money from an ATM or to perform any other financial transaction, but also to play on slot machines and take up lodgings for the night! Deustche Bank is slated to open The Cosmopolitan of Las Vegas on New Years’ Eve 2010 with the most expensive Las Vegas casino resort in history!

Origin of Deal

The German banking giant has inadvertently entered the glamorous world of gambling. This happened when the recession forced the initial developer Ian Bruce Eichner to default on loans given to him in 2008 to build The Cosmopolitan of Las Vegas. What started off as a small loan to the developer snowballed into a mega eye-popping figure from where there was no turning back?

With real estate prices nose-diving, there were only so many ways the bank could turn. It could either write off the loan or continue what Eichner started in its own vision. At that time Deustche Bank’s stake in the project was $1 billion. The bank was unable to find any other partner to operate the casino. The prospective deals with The Hilton and MGM, among many others, fell through. Then the bank took upon itself the running of the show pouring in a further $3 billion!

The Cosmopolitan of Las Vegas:

• A two-tower building with a crystal bar and a glass facade built on 8.7 acres of land and 75,000 square feet of casino space will welcome visitors.
• It comprises 83 poker tables, 1474 slot machines, and 3000 rooms available for rent.

The Upside:

• Recession on the Strip is said to be hitting rock bottom. Casinos have started making a slow recovery into the green though not comparable to the profits earned in places like Macau.
• Deutsche bank is known to be a classy bank and its reputation will be its main pull. The Cosmopolitan is advertised as a place where you can get away from the stuffy atmosphere of the other casino resorts and enjoy an ambience of undisturbed and extensive opulence.

The Downside:

Deustche bank has already written off $1 billion of the loan disbursed.
There is no prior base of customers to take over. The resort is literally starting from scratch in terms of construction as well as business.
The recession and sub-prime crisis have subjected financial institutions to intense scrutiny and added regulation. Opening a casino in these troubled times could be inviting unnecessary difficulties.

What the Competition Says:

Competitors are concerned that in an effort to ensure room occupancy, The Cosmopolitan of Las Vegas will run down prices, threatening their existing customer base. Even Deustche officials deny contemplating this strategy.
Running a casino is not child’s play as even established players are taking a hit in the rough recessionary waves. As this is not Deustche Bank’s strong suit, there is justified skepticism on chances of staying afloat.

The road to success lies in cashing in on the initial interest that a new entrant in the market is likely to elicit and thereon keeping customers loyal with bonuses and promotions. It will be a cut-throat market place with stiff challenges ahead – Deustche Bank definitely has its work cut out.

New York State has struck a deal with an Indian tribe to open a casino in the Catskills. The Catskills Mountains is a vacation destination for the elite crowd of New York. The Catskills is dotted with resorts and camps. This area is also a heritage location with the Catskills Park and Forest Preserve. It is in this land that New York State has agreed to give out a piece of land to a Wisconsin Native American tribe.

The deal is an exchange between the tribe and the State. The Stockbridge-Munsee Tribe’s 23,000 acres of land in New York is to be exchanged for the 330 acres of land in the Catskills. The Tribe plans to construct a 584,000 sq ft casino in the land. The land already being a vacation spot is ideal for a casino of this magnitude as gaming is one of America’s favorite pass times. The casino will be in Sullivan County and is expected to increase the revenues of the county by manyfold. The officials of Sullivan County and New York State are thrilled by the concept of the casino in the Catskills.

The deal was kept under the carpet until recently. The surfacing of the news about such a deal has brought out a lot of criticism from environmental activists, other Indian tribes, and casino owners.

Environmental activists’ main concern is about the air and water pollution that would be caused in the area due to such a move. They state that the Catskills has one of the most important freshwater ecosystems in the world and the building of a casino definitely means several steps toward its destruction. The other Indian tribes’ main concern is about how the deal was struck. They are also curious about the reasons behind choosing the Stockbridge-Munsee Tribe over others who have applied many times to start such a casino without any good results. Some of these tribes like the Oneida tribe plans to file a petition against the deal and holds the proceedings till matters are cleared out. Other casino owners criticized the deal as it would be competing with casinos in Monticello and Yonkers. Others are also criticizing that is a speedy move from Governor Patterson to seal his legacy in New York before he leaves office in December 2010.

The news about this deal surfaced just when the Governor of New York has been facing fierce criticism about a casino deal in Queens with Aqueduct. But the New York State administrative wing is all for the deal. They even claim that the State legislature has approved schemes to allow the opening of three casinos in the Catskills as early as year 2001. They also state that this fact was something that was publicized from day one and there has been no efforts whatsoever from the Patterson administration to keep the deal between the State and the tribe a secret. The Stockbridge-Munsee Tribe stated that they had no intention to dupe anybody and they wish to work in complete cooperation with other tribes.

The State and the tribe hope to sign the deal by the last week of November 2010. But, there are chances that it may be delayed indefinitely if the Oneida file their petition to stay the deal in court.

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