Bids are due Friday from companies and individuals wanting to buy the bankrupt Fontainebleau casino-resort development project on the Las Vegas Strip.
Parties desiring to take over the 70-percent-complete, 3,815-room resort will have to offer more than the $156.2 million currently offered by "stalking horse bidder" and investment veteran Carl Icahn.
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Note: Investopedia explains Stalking-Horse Bid
This method allows the distressed company to avoid low bids on its assets. Once the stalking horse has made its bid, other potential buyers may submit competing bids for the bankrupt company's assets. In essence, the stalking horse sets the bar so that other bidders can't low-ball the purchase price.
Monday, January 11, 2010
Cable Beach Bahamas Hotels open only because of Owner funding
Baha Mar's two existing Cable Beach resorts are only still open because their owner's family has used their own money to cover "significant multi-million dollar losses", particularly over the last two years, something that has made the Izmirlians the "largest private investor in the history of the Bahamas".
Sarkis Izmirlian, Baha Mar's chairman and chief executive, told Tribune Business in an exclusive interview that there was "no way" the Bahamian hotel industry could maintain its long-term competitiveness unless its operating cost base - chiefly labour and utilities - were brought into line with this nation's rivals.
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Sarkis Izmirlian, Baha Mar's chairman and chief executive, told Tribune Business in an exclusive interview that there was "no way" the Bahamian hotel industry could maintain its long-term competitiveness unless its operating cost base - chiefly labour and utilities - were brought into line with this nation's rivals.
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