Icahn enters Fontainebleau bid fray

Carl Icahn and the Fontainebleau Las Vegas

Investor Carl Icahn doubled a rival offer and put up a $155 million minimum bid for developer Jeffrey Soffer‘s unfinished Fontainebleau Las Vegas casino hotel. Penn National Gaming, a Pennsylvania casino operator, last week offered a $105 million opening or stalking horse bid for the Fontainebleau. Penn initially tried to beat Icahn’s offers during a hearing Monday but stopped at $145 million. Miami bankruptcy Judge A. Jay Cristol approved the broad outlines of the Icahn plan, which Fontainebleau lawyers endorsed, clearing the way for a Jan. 21 auction. [Miami Herald]