Casino Properties Sold Off in Las Vegas

Some of the hottest and famous casino properties in Las Vegas have now been sold by Carl Icahn. Billionaire investor Carl Icahn had finally decided to sell three southern Nevada casinos along with the Stratosphere. These casino properties are being bought by an affiliate of the Goldman Sachs investment firm. The total estimate for all properties comes to a whopping $1.3 billion.

The American Real Estate Properties Corp., which is a unit of Icahn's American Real Estate Partners LP, struck up this deal with Whitehall Street Real Estate Funds. The deal also includes 17 acres of undeveloped land at the Stratosphere.

The sale was announced on Monday confirming that the tallest structure on the Las Vegas Strip was indeed being sold. Along with it, are two off-Strip Arizona Charlie's casinos and the Aquarius Casino Resort in the Colorado River resort town of Laughlin.

Resembling the Space Needle in Seattle, the Stratosphere includes a 2,444-room hotel and a separate 1,149-foot tower. The Aquarius, formerly known as the Flamingo Laughlin, has about 1,900 rooms and is one of the largest hotels in Laughlin. The Aquarius is about 100 miles south of Las Vegas. Together, the sold properties were known as American Casino & Entertainment Properties LLC .

Icahn, chairman and general partner of American Real Estate Partners, said in a statement that "We believe that this sale represents an opportunity for American Real Estate Partners to take advantage of the current favorable market environment for gaming assets and to realize significant gains on our multiyear investment in the industry”

The deal is still subject to approval by Nevada gambling regulators and is expected to be completed in about eight months!