stratosphere: Stratosphere sale about to close - 01/14/08 02:17 PM
Famous corporate raider Carl Icahn is one step closer to selling a company under his control, the American Casino & Entertainment Properties, as the Nevada Gaming Control Board recommends the transaction for approval. The buyer is Whitehall Street Real Estate Funds, an affiliate of the Wall Street powerhouse Goldman Sachs. The sale is set to close in February.
American Casino operates locally the Stratosphere and two Arizona Charlie's gaming houses in the suburbs and also the Aquarius at the southern tip of Nevada in Laughlin.
For the near term, Whitehall Street plans to spend about $54 million in upgrades and additions … (8 comments)

stratosphere: American Real Estate Partners sell Stratosphere. - 04/23/07 09:47 AM
AREP, controlled by Carl Icahn, agrees to sell their gaming operations in Nevada, most of which are in the Las Vegas valley. These are casinos it owned here, so that in itself is normal. The action in that arena is steady. Companies are being bought out all the time, Harrahs - Caesars, other properties get purchased, Aladdin -Planet Hollywood, others get imploded to make room for something new and possibly larger than anything previously built. Another transaction among the many is just the flavor of the day.
What caught my eye on this deal was the Stratosphere property and where it's located. Besides the casino itself, the … (2 comments)

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