- Associated Press - Thursday, December 18, 2014

LAS VEGAS (AP) - The Cosmopolitan hotel and casino will have a new owner as state regulators cleared the way for Deutsche Bank AG to sell the Las Vegas Strip resort to a division of the Blackstone Group for $1.73 billion.

The Nevada Gaming Commission voted unanimously Thursday to approve transferring gambling licenses after hearing from Blackstone executives.

Those executives say they expect the deal to close Friday.

Deutsche Bank had assumed development of the 2,960-room swanky high-rise after the original developer defaulted on the loan, opening the hotel-casino in December 2010.

Blackstone executives say they’re looking at converting housekeeping units into 46 additional hotel rooms and building out the top four floors of one of the towers that remained unfinished.

Blackstone earlier named William McBeath - a longtime casino-hotel executive- the hotel’s CEO.


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