The Fontainebleau property includes an unfinished building of approximately seven million square feet that is situated on approximately 25 acres of land. The project has been referred to as a $3 billion development, and the former developers reportedly spent $2 billion on it before running out of money when financing stalled.
Now that the deal has closed, the big question is whether Icahn will finish the project or sit on it for a while and sell it to someone else down the road. The 3,800-room hotel-casino are what Icahn will do with the property and when. Estimates of the cost of finishing the project run between $1 billion and $2 billion.
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