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Investor Carl Icahn closed a deal on Thursday to purchase the stalled Fontainebleau Las Vegas out of Bankruptcy.
A subsidiary of Icahn Enterprises won the rights to purchase the casino resort property after emerging as the highest bidder following Penn National Gaming dropping out of the process.
The Fontainebleau stands on the Vegas Strip approximately 70% complete, after construction had been halted last spring, when lenders stopped funding the project.
While Icahn paid $106 million on top of $45 million in financing fees during the bankruptcy proceedings, banks and other lenders of the project stand to lose as much as $2 billion already spent on the project developed by Jeffrey Soffer.
Rough estimates released during the examination process reflect that it would cost an addition $1.6 billion to complete the 4,000 room project.
Many remain skeptical that the market could justify the investment however Icahn said “The acquisition of the Fontainebleau property was a great opportunity to purchase a distressed asset that I believe has considerable value.”
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