At the time the deal was first announced, the deal value was estimated at $1.3 billion -- plus or minus certain adjustments such as working capital -- and the gain was estimated at $1 billion. Today, Icahn says the deal value is $1.2 billion and that Icahn Enterprises gain is "in excess of $700 million."

An explanation of the difference was not provided, however; prior to the closing, American Casino & Entertainment Properties was required to repay, from funds provided by its parent company, American Entertainment Properties Corp. (also a subsidiary of AREP), the principal, interest, any prepayment penalty or premium and any other obligation owing under the terms of its 7.85% senior secured notes due 2012 and its senior secured credit facility. In addition, American Casino & Entertainment Properties repaid in full all amounts outstanding, and terminated all commitments, under its credit facility with Bear Stearns Corporate Lending Inc., as administrative agent, and the other lenders thereunder.

Bear, Stearns & Co. Inc. acted as financial advisor to AREP in this transaction. Goldman Sachs acted as financial advisor to Whitehall. Sullivan & Cromwell LLP acted as counsel for Whitehall and Brownstein Hyatt Farber Schreck acted as counsel to AREP.