Carl Icahn in driver's seat for Fontainebleau

Jan 19, 2010 3:19 AM


Carl Icahn, the former owner of the Stratosphere and the Arizona Charlie’s properties in Las Vegas, seemed to be in the driver’s seat in his bid to take over the bankrupt Fontainebleau project.

The only other identified bidder for the property, Penn National Gaming Inc. (PENN), withdrew its bid last week.

Icahn and his partners became the "stalking bidder" with his offer of $156 million, topping Penn’s $145 million bid. The auctioning of the uncompleted project on the north end of the Las Vegas Strip is currently underway.

It has been estimated that completion of the hotel/casino could cost another $1.5 billion to $2 billion.

Penn National said it has other developments underway.