Sunday, August 8, 2010

Las Vegas Fontainebleau to sit idle until economy improves

Three pieces of news emerged today about the massive, unfinished Fontainebleau casino resort on the Las Vegas Strip:

--Investor Carl Icahn, who bought Fontainebleau out of bankruptcy in February, confirmed that there are no immediate plans to restart construction on the resort.

--Despite talk that he may sell the property, Icahn indicated he plans to hold on to the asset until business conditions improve.

--Icahn has already gained -- on paper -- a $52 million profit on the property.

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