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Icahn Haz Bleaucheezburger?

By Chuckmonster on Monday, 23rd November 2009 1:27pm
  » filed under Las Vegas  comments: 2


Icahn Haz Bleaucheezburger?

Veteran corporate raider Carl Icahn, who recently purchased the shit canned Tropicana Atlantic City from a New Jersey conservatorship for peanuts on the dollar, has swooped into the bidding on the foreclosure bidding for the bankrupt Fontainebleau property.

Icahn's bid comes in at $141M, about $40M more than what Penn National Gaming bid late last week (which itself was a $25M bid over a prior bid by Icahn.)

The Las Vegas Sun has the entire messy story.



Comments & Discussion:

While I am glad that Penn doesn't just get to have its way with the process, I'm not sure either Icahn or Penn is a good scenario for the property. If Icahn wins, he is likely to do the bare minimum to get the doors open and ready for sale. Have we ever seen a property get better over time? Generally speaking, the demographics never improve after opening. They just slowly go downhill . If too many corners are cut just to get the doors open, then the property will never reach its true potential. We can add another barely mid-level property to the strip; instead of what could have been an iconic high-end property.

On a positive note, if Penn and Icahn both see value in FB; there are probably others waiting to jump in.

The LV Sun is now reporting that Icahn is up to $156 million...

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