Gambling license granted for Cosmopolitan in Vegas

AP News
Posted: Oct 21, 2010 2:37 PM
Gambling license granted for Cosmopolitan in Vegas

Nevada gambling regulators have approved a gambling license for the $3.9 billion Cosmopolitan of Las Vegas hotel-casino, clearing a path for what's expected to be the last new Las Vegas Strip casino for a while.

The Nevada Gaming Commission on Thursday unanimously approved the resort after an hourlong presentation that included questions.

The nearly 3,000-room resort owned by Deutsche Bank can now open as planned Dec. 15 with a 100,000-square-foot casino, including 1,500 slot machines and 83 table games.

Deutsche Bank picked up the property in August 2008 for $1 billion after its original developers entered foreclosure.

Regulators questioned executives during the hearing about the Cosmopolitan's condominium plans and the structure of Deutsche Bank's corporate role in the project.