January 27, 2010

Billionaire investor Carl Icahn's company, Icahn Nevada Gaming Acquisition LLC, made the winning bid to purchase the bankrupt Fontainebleau Las Vegas Resort. Icahn's $156.5 million offer was the only qualifying bid last week, according to court documents cited by Reuters. The 3,800-room resort remains unfinished on the Las Vegas Strip and already has cost approximately $2 billion. The property's previous owners filed for bankruptcy last summer, following some legal haggling over the lending banks' decision to cut off approximately $800 million in financing.