Icahn Wins Fontainebleau Stalking Horse Status

LAS VEGAS-Investor Carl Icahn on Monday positioned himself as the stalking horse bidder for the upcoming Fontainebleau resort bankruptcy sale after repeatedly topping counteroffers by rival Penn National Gaming, according to the Las Vegas Sun . Icahn’s bid is reportedly for $155 million in cash and financing.

Icahn initially offered a $25-million premium to Penn National’s $102-million offer–$50 million in cash and a forgivable $51.5-million loan–last week that was matched by Penn National, according to the article, setting up today’s bidding war in court. Penn National reportedly went as high as $145 million before dropping out.

Details of the bid were not immediately available Monday afternoon; The official court documents were not available online for verification, and the attorneys involved were not immediately available for comment. For the full Las Vegas Sun article, click here.