Cosmopolitan secures funding for casino resort
The proposed US$2bn (£1.13m, 1.66m euros) Cosmopolitan Resort & Casino in Las Vegas, US has obtained construction financing in the form of a bank loan from Deutsche Bank.
Initial building work on the project begun in October 2005 and the 61-story property is due for completion in 2008.
Facilities will include a 1,000-room Grand Hyatt-managed hotel, 2,000 condominium hotel rooms, a 75,000sq ft (6,970sq m) casino, 275,000sq ft (25,550sq m) of retail and restaurant space, 10,000sq ft of meeting and ballroom space as well as a 1,800-seat theatre.
The resort will be owned and operated by 3700 Associates, lead by new York-based developer Ian Bruce Eichner.
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