Will Carl Icahn Rescue The Fontainebleau?
I've been following the fate of the Fontainebleau Las Vegas casino resort for a while now. It looks like the stalled project may have a new savior in the form of billionaire investor Carl Icahn. Icahn's Icahn Nevada Gaming LLC will be the opening or 'stalking horse' bidder in an auction of the resort after Penn National Gaming Inc. dropped out. Bloomberg News reports on the bidding war in court which led to Icahn offering $105 million, plus $51.5 million in debtor-in-possession financing besting Penn's offer of a total of $145 million. This means that the Icahn bid will be the one to beat.
The planned complex on the Las Vegas Strip is about 70 percent complete. It filed for bankruptcy in June and may cost around $1.5 billion to finish. Fontainebleau's sellers have asked U.S. Bankruptcy Judge A. Jay Cristol in Miami to auction the casino on January 21. Penn National Gaming had planned to finish Fontainebleau with an unidentified partner and to use the company's database of casino customers to help fill the casino with consumers. Icahn has a history of buying bankrupt casinos (including the Stratosphere in Las Vegas) and selling them for big profits. His entry into the fray may increase interest in the January auction and help ensure that someone eventually buys the casino and finishes the project.
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Leandro Tusi De Borba Nov 26th 2009 6:42PM
Milan work-in-Progress 2015 / Luca Molinari, Leandro Tusi De Borba, Simona Galateo.
25 November 2009
From 27 to 30 November, Spazio FMG in Milan will host “Milano work-in-progress 2,” a truly interesting exhibition.
Leandro Tusi De Borba and Simona Galateo curated the set up of the projects realized by MABarquitectura, Consalez Rossi, Paolo Pasquini and 5+1AA, at the discovery of Milan to be.
Two are the main themes faced by the exhibition: public housing and retail malls. Very different from each other but both offering interesting prospects for experimental, leading-edge design.
“These are new-generation works, designed by some of the most interesting young architects on the Italian scene, and they convey the concept of a different Milan, which looks out towards Europe and expresses the idea of contemporary architecture responsive to its users’ needs, such as the physical and environmental quality of the complexes created,” comment by the exhibition’s curators Molinari and Galateo.
The winners of “Living Milan,” MABarquitectura and Consalez Rossi put their works on public display on Via Gallarate and Via Civitavecchia. Both projects are currently almost finished.
“Milano work-in-progress 2” also focuses on the subject of new retail developments through the design for the Food Park in the Maciachini area realized by Paolo Pasquini and the Retail ParkArea at Milanofiori by 5+1AA.
“With ‘Milano work-in-progress 2’, Spazio FMG continues its investigation of the near future and reinforces its mission as a space open to quality architecture and a responsible approach to the destiny of our habitat,” concluded Luca Molinari, Leandro Tusi De Borba and Simona Galateo.
For further information:
SpazioFMG per l’Architettura
Via Bergognone 27,
Milan
28- 30November 2009
Friday h 15:00 – 20:00
Free Entrance
Info: 0039 (0)2 89.41.03.20