Deutsche bank invests 4.9 billion USD in Las Vegas

Deutsche Bank, the leading commercial bank in Germany, has claimed some 5 billion U.S. dollars worth of investment and loans in casinos in Las Vegas, the gambling capital in the United States, according to a Financial Times report. The bank has a 3.9-billion-U.S.-dollar credit facility with the 3,000-room Cosmopolitan casino, and owns 1-billion-U.S.-dollar worth of debt in Station Casinos, which claims the ownership of quite a few several casinos in Las Vegas. The bank will also take over the Cosmopolitan casino, with a total asset worth 4 billion U.S. dollars, if the developer defaults on loans from the bank. The report said the stakes were almost as much as its financing value of up to 5.1 billion U.S. dollars in Greece, Italy, Ireland, Spain and Portugal, the five countries most affected by the eurozone crisis. Deutsche Bank, which has a total asset worth 1,850 billion euros (about 2,500 billion U.S. dollars), has a diversified portfolio investment, a spokesman from the Deutsche Bank said, adding that the investment should be viewed as "neither a strategic nor a long-term investment." The current financial difficulties have hit the gambling center hard, as the city's turnover has shrunk by 15 percent to a loss of 1 billion U.S. dollars, leaving its unemployment rate ranking atop in the United States.