Tuesday, November 24, 2009

Fire Sale

Though there wasn't actually any fire.
LOS ANGELES, Nov 23 (Reuters) - Financier Carl Icahn has offered $156.5 million to acquire the partially built Fontainebleau Las Vegas resort, which has been stalled in bankruptcy court since June, according to the resort's chief operating officer. ... Both bids are dwarfed by the $2 billion that has already been spent on the 3,800-room casino resort, which sits toward the northern end of the Las Vegas Strip. The property is slated to go to auction in January.