$1.3 billion deal for four casinos in Nevada
American Real Estate
Partners LP owned by Carl Icahn has agreed to sell four casinos
in Nevada to Whitehall Street Real Estate Funds, which is the
real estate fund of Goldman Sachs Group Inc.
The deal is valued to
$1.3 billion, and Icahn's fund will see a gain of $1 billion
from the sell of the casinos they started buying about eight
The casinos sold include
the Stratosphere, Arizona Charlie's Decatur and Boulder on the
Las Vegas Strip, and the Aquarius Casino Resort in Laughlin, NV.
Carl Icahn could have not picked a better time for the sale,
after the Las Vegas casinos had a record combined revenues last
year of almost $6.7 billion, and there are some $12.6 billion
being invested on the Strip to build new casino hotels by the
big names in the gambling industry.
The deal still needs to
be approved by the Nevada Gaming Commission, and should take
about eight moths to complete, according to the parties.