Icahn purchased the Las Vegas Strip-located Fontainebleau casino resort in February 2010 for US$148 million. According to original plans, it was to feature nearly 2,900 hotel rooms, more than 1,000 condominium units, and a nearly 100,000-square-foot casino, among a number of other options.
Originally planned to be a 68-story hotel and casino resort with a $2.9-billion price tag, it was never completed. Its former owner, billionaire Jeffrey Soffer, blamed the banking industry’s struggles in the late 2000s for their failure to
The Fontainebleau site is located on the Las Vegas Strip, right opposite to the Las Vegas Convention Center. The latter is undergoing a massive renovation, which is planned to cost more than US$1.4 billion.
Fontainebleau has not been the only casino property Icahn has sold this year. The businessman announced in early 2017 that he intended to sell the shuttered Trump Taj Mahal in Atlantic City. The announcement came almost two years after he purchased the property barely saving it from bankruptcy.
Although he planned to invest more than US$200 million in Trump Taj Mahal’s revitalization, a prolonged workers’ strike that took place last summer changed the businessman’s plans. It was announced last September that the casino, which had once belonged to US President Donald Trump, would be shuttered. The casino resort closed doors in early October.
Source: GMB / Casino News Daily
