$150 millionacquisition


The Fontainebleau property includes an unfinished building ofapproximately seven million square feet that is situated onapproximately 25 acres of land. The project has been referred to asa $3 billion development, and the former developers reportedlyspent $2 billion on it before running out of money when financingstalled.


Now that the deal has closed, the big question is whether Icahnwill finish the project or sit on it for a while and sell it tosomeone else down the road. The 3,800-room hotel-casino are whatIcahn will do with the property and when. Estimates of the cost offinishing the project run between $1 billion and $2 billion.

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