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The Fontainebleau is pursuing the sale of its hotel and casino after spending approximately $2 billion on the 70% completed complex on the Las Vegas Strip, launched in 2007.
After losing funding last spring, the developer was forced to file for bankruptcy protection on the property.
In a filing on Tuesday, developer Jeffrey Soffer, has asked the court to approve an agreement made with Penn National Gaming, designed to allow the racetrack and slot operator to be designated as the “stalking horse” bidder in the auction process.
“This is the start,” Howard Karawan, chief restructuring officer for Fontainebleau Resorts said, “We really don’t know where the auction is going to end.”
Penn National Gaming has agreed to pay $50 million and $51.5 million in loans to pay lawyers, reimburse lenders past expenses and allow the release of the remaining loan proceeds held in Fontainebleau accounts.
The court has been asked to set a January 15th deadline for other bids and an auction date of January 21. Other bidders would have to raise the $50 million bid and secure payment for the new loan.
If no other suitors come forward, the Fontainebleau would be required to accept Penn’s offer.
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