Craps tables and slot machines mark European banking's glitziest outpost in America. The Cosmopolitan casino, which opened in December in the heart of the Las Vegas strip, is flanked by mgm's City Centre resort and close to a garish Eiffel tower. This is not the casino banking so deplored by regulators and politicians. It is, however, a casino owned by a bank that holds a few unexpected lessons about the relative riskiness of investment banking.
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