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Bank loses millions on Vegas casino

13 October 2010

LONDON, England and LAS VEGAS, Nevada -- Lloyds has taken a massive financial hit on lost loans to M Resort Spa Casino, The Guardian reported.

Lloyds Banking Group, which is partly state owned, took over HBOS in 2008, but HBOS have suffered a poor return on loans given by them to M Resort Spa Casino in Las Vegas, The Guardian said.

Meanwhile Penn National Gaming only paid $230.5m for about $860m owed to HBOS International and acquired the casino at a "fraction" of the actual building cost, The Guardian noted.

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