Bid for Fontainebleau Las Vegas Doubled

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The unfinished Fontainebleau Las Vegas was up for auction by developer Jeffery Soffer, and one investor just doubled a rival offer for the casino hotel.

Investor Carl Icahn has just doubled a rival offer by Pennsylvania casino operator, Penn National Gaming, by bidding $155 million for Jeffery Soffer’s unfinished, drama-filled Fontainebleau Las Vegas casino hotel. Penn National Gaming originally bid $105 million for the property.

Icahn’s bid wasn’t challenged at first though, as Penn National Gaming reportedly tried to beat Icahn’s offering during a hearing yesterday, but stopped at $145 million leading to Icahn’s top bid sealing the deal.

A Miami bankruptcy judge has just approved the broad outlines of Icahn’s plan for the casino hotel that Fontainebleau lawyers have endorsed. The auction will take place on January 21, 2010.

Via: The Real Deal

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