Billionaire investor Carl Icahn to buy Fontainebleau Resort for about us$ 150 million
The complex, Fontainebleau Las Vegas LLC and affiliates Fontainebleau Las Vegas Holdings LLC and Fontainebleau Las Vegas Capital Corp., filed bankruptcy papers in Miami in June, citing assets and debt of more than us$ 1 billion each.
Units of Icahn Enterprises LP acquired the property because it is “a great opportunity to purchase a distressed asset that I believe has considerable value,” Icahn said in an e-mailed statement.
The project, which had been about 70 % complete at a cost of us$ 2 billion, sits on about 27 acres at the north end of the Las Vegas Strip. It will cost about us$ 1.5 billion to finish, former bidder Penn National Gaming Inc. has estimated.
“We’re recording the documents and transferring the money as we speak,” Fontainebleau attorney Scott Baena said in a telephone interview. The case is In Re Fontainebleau Las Vegas LLC, 09-bk-21482- AJC, U.S. Bankruptcy Court, Southern District of Florida.
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