May 11, 2001 9:18 PM

Carl Icahn, the billionaire casino mogul, received approval for his New Jersey State gaming license Thursday. It took only 15 minutes for the board to make their decision.

Icahn owns 73 percent of the Sands Casino Hotel and the adjacent Madison House Hotel. The Madison is currently undergoing remodeling.

Development of the Sands property is ongoing and speculation about the property’s development remains an issue. Sands President, Alfred Luciani, said they expect to present their final plans to the board within the month. He was quoted as saying, “The options are many, and we’ve come up with some imaginative ideas so far.”