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.
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