Never bet against Carl Icahn. His American Real Estate Properties, LP is about the toughest negotiator you can run up against in a deal.
Whitehall's $1.3 billion acquisition of four Nevada casinos (the Stratosphere, two smaller off-Strip casinos and a Laughlin property), is a good deal for AREP: gaming properties are hot right now, which means it is a good time for opportunists to move on. So AREP is.
By the way, I like the fact that AREP mentioned its legal counsel (against whom I have worked) in the press release. It is not necessary, but it is a nice gesture.