While online sportsbook and casino players dread the implementation of German gambling laws, German politicians can’t decide if the best way to destroy the future online casino industry through unfriendly regulations or through choking taxes. Across the Atlantic, Deutsche Bank, proudly owns the most expensive and luxurious hotel/casino complex ever built in Las Vegas, the Cosmopolitan.
At first the venture seemed doomed to failure and even before the opening date Deutsche Bank was looking for an exit strategy to recoup its 4 billion dollar investment. It seemed more wise to make a quick profit rather than wait for decades to get the money back by being a landlord.
Deutsche Bank spared no expense to showcase the casino’s luxury, and even purchased 3-storey tall glass chandelier. The spacious hotel rooms, with wrap-around terraces, are often sold out. Management attracted the most exclusive and expensive global retailers and Michelin rated chef operated restaurants to the Cosmopolitan.
The casino was lacking one key component – a large customer base of high limit gamblers. Targeting a relatively young demographic group didn’t pay out, because the state law requires customers to be at least 21 years of age and young people prefer to do other things than gamble. Following the example of German gamblers, who preferred playing at a land based casino over finding where to play online casino in Germany Deutsche Bank decided to change the strategy.
Deutsche Bank secured a high-powered management team, led by the former Caesars executive, John Unwin who agreed to join the team after receiving a 30% higher salary, and with this change the German financial group started to see positive developments.
The complex attracted restaurants and retailers with a worldwide
reputation that were previously unknown in Las Vegas. Among the new tenants is the exclusive British clothing designer AllSaints, top restaurants including Blue Ribbon sushi, Jaleo tapas led by José Andrés, and Marquee, a trendy outpost of a New York City hot spot. Mr. Unwin commented: “In a sea of sameness, we are trying to stand out.”
Yet the Germans still can’t figure out where to get the gamblers from. While the younger clientele spends willingly on food and drinks, they are still reluctant to drop considerable amounts of money at blackjack or roulette tables.