Carl Icahn Is Lead Bidder For Vegas Casino

las vegas

Carl Icahn will be the first bidder for the unfinished Fontainebleau Casino in Las Vegas.

Contractors stopped building the hotel after claiming $600 million in unpaid bills.

The famed raider out-bid Penn National Gaming’s initial offer of $105 million, bidding over $145 million and winning the right to first bid when the bankruptcy auction begins in January.

If he wins, Icahn will have to spend roughly $1 billion to finish the casino. Building it has already cost $2 billion so far, the Miami Herald reports.

Icahn has made made a small habit of buying bankrupt casinos and turning them for big profits after switching around management. He made $700 million (before taxes) turning American Casino & Entertainment Properties in 2007.

He is also currently bidding on Atlantic City’s Tropicana Casino and Resort, hoping to buy it for $200 million.

Read more here.

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