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$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.

Stratosphere casino in Las VegasThe 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 years ago.

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.


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