Icahn to sell AZ Charlie’s?

Jan 6, 2004 8:15 AM

On Monday, American Real Estate Partners (AREP) announced it was buying the two Arizona Charlie’s casinos in Las Vegas from Carl Icahn for $125.9 million.

A wholly-owned subsidiary of AREP, American Casino & Entertainment, would actually purchase Arizona Charlie’s Decatur and Arizona Charlie’s Boulder after raising about $200 million in senior notes to finance the acquisition and other investments.

The other Icahn property in Las Vegas, the Stratosphere, would be transferred to American Casino after the Arizona Charlie’s deal was closed.

Icahn is the president of AREP.