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.