Penn National Gaming Inc. has offered $50 million for the unfinished Fontainebleau Las Vegas casino-resort on the Las Vegas Strip.
Penn said in a regulatory filing Tuesday that it agreed to buy the project from debtors and its offer will serve as the opening bid at a bankruptcy auction.
The resort was initially forecast to cost $3 billion to build and was about 70 percent complete when developers filed for Chapter 11 bankruptcy protection in June.
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