Icahn Outbids Penn for Fontainebleau - TheStreet

LAS VEGAS (

TheStreet

) -- 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

(PENN) - Get Report

.

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

Last week,

Penn offered $50 million

for Fontainebleau, plus $51.5 million. According to

Reuters

, 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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