Carl Icahn Sells Work in Progress Vegas Casino For $600 Million, a cool four times more than he has put into it
By Bob Garcia
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Billionaire Carl Icahn has just let go of an as-of-yet unfinished casino in Las Vegas for a cool $600 million.
The $600 million dollar purchase from New York-based developer Steven Witkoff at the helm of an investment group netted Icahn has a whopping $450 million.
Icahn bought the investment location in February 2010 for $148 million. In 2009 construction had come to a halt on the planned $2.9 billion project, which is a 68-story hotel-casino and condominium project.
The previous developers had to file for bankruptcy, creating quite a stir in the financial pot of Las Vegas.
Icahn swooped in and grabbed up the troubled project, offered some restructuring advice, then sold for the reported sum of $600 million. A company statement said that Icahn’s business plan of acquiring troubled assets and refurbishing them into attractive ones paid off well in this venture.
Icahn has had his ups and downs in the market, with some relief restructuring in his recent past, but with this latest deal, he seems back in full form.
Witkoff’s team put out their own statement, calling the 27-acre property one of the most attractive real estate assets in the country, and destined to become one of the top locations on the Las Vegas Strip.