A portion of City Center. This huge complex extends from Monte Carlo to Bellagio on land that was formerly the Dunes golf course, a helicopter tour service and the Boardwalk. Ownership passed first to Wynn's Mirage group but Wynn lost control through arrogance and self-serving financial practices. Kerkorian's MGM won the takeover battle and later added the Circus properties. But MGM also overreached, joining with Dubai and German financial centers to build the City Center project.

The project's burn rate maximised as the world sank into its deep financial catastrophe. The Cosmo was beset by basic structural problems which lopped off its prime floors, whose condos were presold. The project's goal was to derive income from a captive population though with the recession came massive vacancies. Plan B calls for attracting gambling crowds from the Strip - but the enclave was designed to attract internal, not external visitors. In fact there are no casino entrances from the strip and the facade is forbidding and distant to all but the most curious. So the casino here and at Aria is often poorly attended.

Here's an article about the new owners -
http://dealbook.nytimes.com/2011/04/18/deutsche-banks-4-billion-las-vegas-bet-3/?ref=business