Carl Icahn Posts Winning Bid for Fontainebleau Las Vegas

Billionaire investor Carl Icahn has acquired the troubled Fontainebleau Las Vegas for $156.5 million, Bloomberg News reported last week.

To date, the former owners—who filed for bankruptcy in June—have spent $2 billion on the 63-story project, which is 70 percent complete. Penn National Gaming, which offered the next highest bid, estimates that the property would need an injection of $1.5 billion to finish.

Valued at $2.9 billion, the resort—which originally was supposed to open in October—was intended to have 3,889 guest rooms, a 95,000-square-foot casino, a 60,000-square-foot spa, a 3,300-seat performing arts theater, 1,018 condos, 180,000 square feet of retail space, 24 restaurants and lounges, and 400,000 square feet of indoor and outdoor meeting space.

According to Bloomberg, when the resort eventually opens, it will be known as something other than Fontainebleau.

—Nielsen Business Media