LAS VEGAS (
) -- Carl Icahn has offered a total of $156.5 million to buy the unfinished Fontainebleau Las Vegas resort, a higher amount than that offered by
Penn National Gaming
The billionaire investor placed a bid at a bankruptcy auction of $105 million plus $51.5 million in funding to resume construction on the resort, which already has cost more than $2 billion.
Stockpickr Tools Carl Icahn's Portfolio
for Fontainebleau, plus $51.5 million. According to
, Penn dropped out after raising its bid to $145 million, a company spokesman said Monday.
Developers filed for bankruptcy on Fontainebleau, which was about 70% complete, in June. The resort originally was projected to cost $3 billion.
The auction is expected to be held in January.
-- Reported by Joseph Woelfel in New York
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