Deutsche Bank, Germany's biggest lender, said Thursday it has agreed to sell The Cosmopolitan casino in Las Vegas to private equity group Blackstone for $1.73 billion.

The sale of the vast resort complex comprising gaming halls and a hotel is part of the German group's strategy of focusing on its core banking business, Deutsche Bank said in a statement.

The purchase price is to be paid in cash and the transaction is subject to regulatory approvals, the statement said.