A bidding war has emerged over who will take ownership over the bankrupt Fountainbleau Las Vegas casino. The main players in the hunt for the casino have been Penn National Gaming against casino billionaire Carl Icahn. Penn National had finalised an agreement with developer Jeffrey Soffer to purchase the Las Vegas casino for $101.5 million. That offer was presented to the bankruptcy court for approval, but was then outbid by casino player Icahn.

After Icahn’s bid, Penn National then produced a final bid of $145 Million, plus $50 million for the debtor in possession financing. Icahn then managed to outbid Penn National’s bid by producing a bid of $156 million. Penn National and Soffer have an agreement that if the deal fails, Soffer will be paid out $1.5 million for joining in the party.

Digg

Del.icio.us

Reddit

StumbleUpon

Email this page to a friend
Go to the Message Boards
Contact the editor