Low Ballin For Disaster at Fontainebleau

Penn National Gaming made the first bid for the stalled Fontainebleau project in Las Vegas.  They offered $50 million for the casino that was valued at almost $3 billion.  About $1.5 billion has already been put into building Fontainbleau.  Penn National would still have to pay for the rest of construction, but this is a start.

Penn National Gaming Inc. on Monday made a $50 million “stalking horse” bid to buy the stalled Fontainebleau casino-resort in Las Vegas, with plans to spend another $1.46 billion to complete the project.

This is only the first bid and I have been reading rumors about other companies that may be making bids.  Nothing would surprise me with this casino.  The property may, alone, be worth more than $50 million.  The promise here is that the project will be completed.  I’m not sure that every bidder would complete the project as it stands.

There is a couple of months until bidding is up.  I’m sure this isn’t the last we’ll hear about this casino with a name I’d love to never write again.

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Las Vegas Writer, Marketer, Consultant. I love Vegas and everything about it. When in Vegas do 3 things: eat, drink & gamble.

Author: Marc

Las Vegas Writer, Marketer, Consultant. I love Vegas and everything about it. When in Vegas do 3 things: eat, drink & gamble.