SBC News Voice of the Sports Betting Industry
US billionaire Carl Icahn is reported to be selling the Fontainebleau Resort, an unfinished casino development on the Las Vegas Strip.
Finance magnet and renowned ‘corporate raider’ Icahn is reported to have contracted property broker CBRE Group to conduct the sale of the $3 billion unfinished development.
US business sources have speculated that Icahn is seeking a sale price of $650 million for the 22 acre resort.
Fontainebleau was acquired by Icahn in 2010 following the bankruptcy of the development under former owner Glenn Schaeffer. Icahn had brought the development from creditors for an estimated $160 million.
To date Icahn has not spent on furthering the development of the 68 floor, +2500 room development, apart from general maintenance costs and up-keep.
Real estate analysts have speculated that the Fontainebleau development would require a further $1 billion or more in order to be completed.
Icahn’s representatives have made no comment regarding the potential sale of Fontainebleau or its development.
