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Casino firm could buy bankrupt Fontainebleau Las Vegas

Miami Herald,  Monday, October 5, 2009 at 9:58:05 PM

Jeffrey Soffer's legal team is negotiating to auction off the Fontainebleau Las Vegas with a starting bid that would amount to only pennies on the dollar for the unfinished and bankrupt casino hotel.

Casino owner Penn National Gaming has offered to pay less than $300 million for the Fontainebleau Vegas, a project that has already spent about $2 billion, said Scott Baena, the Miami bankruptcy lawyer representing the Vegas Fontainebleau.

Penn would bid less than $300 million for the property, Baena said in a court hearing Monday. He did not say how much less.

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