Tuesday, April 24, 2007

Icon Icahn Lays Off in Casino Deal



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.

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