Saturday, February 20, 2010

Carl Icahn closes on the Fontainebleau Las Vegas resort

Billionaire investor and financier Carl Icahn has acquired the unfinished hotel and casino Fontainebleau in Las Vegas, Nevada.

Icahn picked up the casino property after a Florida court approved the offer last month following the Fontainebleau Las Vegas LLC bankruptcy filing and inability to complete the resort.

Icahn Enterprises closed on the hotel and casino on Thursday this past week for about $150 million. The deal is structured: $105 million in cash, plus $45 million in debt.