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Ups the ante by $10 million over Penn National Gaming
Pledging a minimum price of $155 million, Carl Icahn earned the right to be the opening bidder for the Fontainebleau Las Vegas when the unfinished casino goes to auction January 21. The billionaire investor bested nearest rival Penn National Gaming, which raised its initial $105 million offer to $145 million, to get the pole position in the bidding.
The offer provides for a $105 million bid for the 63-story hotel along with a loan of up to $51.4 million to cover bankruptcy expenses incurred by the property, according to news reports But, it's no sure thing. A Miami HeraldMcClatchy-Tribune Regional News Service story quoted an investment banker as saying 17 businesses had expressed interest.
This move comes as Icahn is awaiting an interim license for the Tropicana Casino and Resort Atlantic City. A New Jersey bankruptcy court approved sale of the 2,100-room hotel to a group of investors led by Icahn. Under the ruling, they took ownership of the hotel-casino in exchange for $200 million in debt.
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