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Related Cos., Starwood team up to bid for ailing Las Vegas casino

Wall Street Journal,  Friday, March 21, 2008 at 5:58:07 PM

A team that includes New York developer Related Cos. is making a bid to take over the unfinished and financially ailing Cosmopolitan Resort Casino on the Las Vegas Strip, according to people familiar with the matter.

Related Cos., led by real estate tycoon Stephen Ross, has teamed up with Starwood Hotels & Resorts Worldwide's W Hotel group and an unidentified casino operator to take over the $3.9 billion hotel-condominium and casino project. The lender on the project, Deutsche Bank AG, started foreclosure proceedings this month against the developer, Ian Bruce Eichner on a $760 million loan.

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