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Carl Icahn Poised to Take Control of Fontainebleau

LAS VEGAS-A subsidiary of Icahn Enterprises LP emerged as the only qualified bidder this week after two competing bids were deemed unqualified for the stalled casino hotel development.

By Natalie Dolce | Updated on January 21, 2010

(For background on Carl Icahn’s hotel and casino investments, see this month’s Deal Spotlight section of Distressed Assets Investor.)

LAS VEGAS-Carl Icahn is poised to take control of the Fontainebleau Las Vegas, the stalled casino hotel development on the Las Vegas Strip, reports the Wall Street Journal.

A subsidiary of Icahn’s company, Icahn Enterprises LP, emerged as the only qualified bidder this week after two competing bids were deemed unqualified, an examiner appointed by the US Bankruptcy Court in Miami said in documents filed with the court, the WSJ says. Icahn has pledged $106 million for the project, plus $50 million in financing during bankruptcy proceedings.

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