Icahn acquires stalled Fontainebleau Las Vegas project
Billionaire investor Carl Icahn’s Icahn Nevada Gaming Acquisition LLC made the winning bid to buy the bankrupt Fontainebleau Las Vegas Resort for $156.1 million. Icahn’s bid was the only qualifying offer to purchase the 63-story, 3,800-room project, which cost more than $2 billion and was about 70 percent complete when it filed for bankruptcy last June after nearly $800 million in funding from lenders was pulled.
The sale is expected to close Feb. 9.
The original hotel/condo/casino project was designed to include more than 393,000 square feet of meeting space, including a more than 105,000-square-foot ballroom.
Analysts expect another $1 billion will be required to complete construction of the project.
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