Southern Nevada Casinos for Sale
By Andrea Klein, May 16th 2007Carl Icahn, the owner of Icahn's American Real Estate Partners, announced the sale of the Stratosphere Company and three other southern Nevada casinos to an affiliate of the Goldman Sachs investment firm for $1.3 billion.
It seems Carl Ichan knows how to play his cards. All these properties he intends to sell were undervalued when he purchased them and now, after serious investments the prices for them are outstanding.
The Stratosphere includes a 2,444-room hotel and a separate 1,149-foot tower, the most recognizable structure west of the Mississippi River. The Aquarius also known as the Flamingo Laughlin has about 1,900 rooms and is one of the largest hotels in Laughlin, near Las Vegas. To all these, the company added other 17 acres of undeveloped land at the Stratosphere. The deal is expected to be completed by the end of the year because it will take a while until the gaming regulators sign the approval.
Last year, the company agreed to also sell the Sands in Atlantic City and some adjacent properties to Pinnacle Entertainment for $274.8 million.
On the other side, Whitehall Street Real Estate Funds, the purchasing company, is one of the most active in Nevada casino ownership in the recent years.
The Nevada Gaming Commission licensed three Whitehall executives last summer to have a place on the board of Las Vegas Hilton. Now, it has to wait for another license in order to take over the Stratosphere and the other properties. Because the firm was licensed in the past, the new license approval may take less time.
The two parties implicated in the deal had no comment. They don’t want to influence the course of the actions through the media.
American Real Estate Partners shares closed up to 20 cents, being $107.95 on the New York Stock Exchange.
Forbes Magazine estimates Icahn's personal wealth at $13 billion.
It seems Carl Ichan knows how to play his cards. All these properties he intends to sell were undervalued when he purchased them and now, after serious investments the prices for them are outstanding.
The Stratosphere includes a 2,444-room hotel and a separate 1,149-foot tower, the most recognizable structure west of the Mississippi River. The Aquarius also known as the Flamingo Laughlin has about 1,900 rooms and is one of the largest hotels in Laughlin, near Las Vegas. To all these, the company added other 17 acres of undeveloped land at the Stratosphere. The deal is expected to be completed by the end of the year because it will take a while until the gaming regulators sign the approval.
Last year, the company agreed to also sell the Sands in Atlantic City and some adjacent properties to Pinnacle Entertainment for $274.8 million.
On the other side, Whitehall Street Real Estate Funds, the purchasing company, is one of the most active in Nevada casino ownership in the recent years.
The Nevada Gaming Commission licensed three Whitehall executives last summer to have a place on the board of Las Vegas Hilton. Now, it has to wait for another license in order to take over the Stratosphere and the other properties. Because the firm was licensed in the past, the new license approval may take less time.
The two parties implicated in the deal had no comment. They don’t want to influence the course of the actions through the media.
American Real Estate Partners shares closed up to 20 cents, being $107.95 on the New York Stock Exchange.
Forbes Magazine estimates Icahn's personal wealth at $13 billion.
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Southern Nevada Casinos for Sale
