Exclusive: Carl Icahn Has No Interest In Buying A Vegas Casino
Chatter was passed around trading circles Thursday morning that billionaire investor Carl Icahn took a position in Wynn Resorts, Limited (NASDAQ: WYNN). Shares spiked just after 10:30 a.m. ET, hitting an intra-day high of $103.72. However, those rumors appear to be false.
As first reported on Benzinga Pro's Market-Moving Exclusive feed, a source familiar with the matter said Icahn has no interest in buying a Vegas casino; to the contrary, Icahn may be nearing the end of the sale process for Fontainebleau, the source said.
Back in November 2015, Icahn "took some chips off the table" by putting up for sale the Fontainebleau Las Vegas on the Strip. He hired CBRE Group to market the unfinished resort and casino, which was planned as a $3 billion project by its developer before Icahn bought it out of bankruptcy for about $150 million in 2010. CBRE was expected to sell the property for about $650 million.
"I think Las Vegas still has a fair amount of room to run," Icahn told Wall Street Journal at the time. "But I'd rather sell it than take the time and energy to build it out, which we have been considering doing."
Wynn's stock recently traded at $102.66, up about 3 percent on the day. Shares are up 48 percent in 2016.
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