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:Nevada Gambling News Brief
Icahn bags distressed Vegas casino for 90% off
Business Insider, Thursday, January 21, 2010 at 12:42:46 PM
Carl Icahn has scooped up the distressed Fontainebleau Las Vegas for just $157 million, after making the only qualified bid at the auction.
That's over 90% below what it cost to build the casino so far, but of course it could end up as a huge liability for Mr. Icahn as well. The Fontainebleau also needs another $1.5 billion of potential work before it can be completed.
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The US Air Force located a base near Las Vegas in 1941 only after the city forced the shutdown of Block 16, Vegas's long-standing red light district.
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