Culture Vulture: Carl Icahn’s $chitt Show
The Largest Resort on the Las Vegas Strip that NO ONE can Visit
full link: http://www.youtube.com/watch?v=rRIHL5Ehhc8
12:28 – “On February 18th of 2010 billionaire Carl Icahn purchased the resort for $150 billion. Following his purchase Icahn auctioned off the furnishings previously intended for the resort. In November of 2015 Icahn listed the resort for sale at the asking price of $650 billon…”
Carl Icahn Unloads Unfinished Las Vegas Casino For $600 Million--More Than Four Times What He Paid
Seven years after his financial crisis-era bet, billionaire Carl Icahn has sold an unfinished Las Vegas casino for $600 million. New York-based developer Steven Witkoff led the investor group taking over the site, handing Icahn and his investors a gain of more than $450 million.
"This successful investment is an example of our 'contrarian' modus operandi, which seeks to invest in undervalued assets and businesses, nurture, guide and improve their condition and operations, and ultimately sell them for large gains," noted Icahn in a statement. Icahn also owns the Tropicana casino in Atlantic City. Earlier this year, he sold the shuttered Trump Taj Mahal there to Hard Rock International for an undisclosed sum.
Icahn bought the site that was to be Fountainebleau Las Vegas in February 2010 for $148 million. A year earlier construction had stalled on the $2.9 billion, 68-story hotel-casino and condominium project on the Las Vegas Strip. The former developers had filed for bankruptcy as Las Vegas was hammered by the financial crisis. Ever since rumors have swirled about when the billionaire would finally unload the place.
Witkoff, who mostly owns Manhattan properties, is taking over as Sin City finally shows signs of recovery.
The 27-acre property “is one of the best physical assets in the country, which is one of the reasons we were attracted to it,” said Witkoff in separate statement.
"We acquired a well-designed, structurally sound integrated resort at a significant discount to both replacement cost and the implied public market valuations of comparable Las Vegas Strip resorts," he said, noting that, located at 2755 Las Vegas Boulevard South, the property is across the street from the Las Vegas Convention Center, which is currently undergoing a $1.4 billion renovation. "We look forward to applying our industry-leading value-enhancing platform to this property to unlock its true growth potential.”
https://www.forbes.com/sites/samanthash ... 78c66115b4
How Carl Icahn Made $1.4 Billion Playing The Booms And Busts Of Las Vegas
https://www.forbes.com/sites/nathanvard ... b0be61530c