Icahn Negotiating Sands Sale

As reported by the Press of Atlantic City: "Millionaire investor Carl C. Icahn is negotiating to sell the Sands Casino Hotel only three months after acquiring oceanfront property to transform the city's smallest gaming hall into a major resort, according to newly released court documents.

"Potential buyers have not been disclosed by the Sands, but Las Vegas-based Pinnacle Entertainment Inc. and the Cosmopolitan Hotel Resort & Casino have been mentioned in gaming circles as candidates. The purchase price is said to be about $250 million.

"Rumors have swirled for months that the Sands was on the market, but there was no official confirmation until a July 12 bankruptcy hearing involving GB Holdings Inc., the casino's former parent company and now a minority owner.

"Attorneys for Icahn and GB Holdings are quoted as saying in recently released transcripts of the hearing before U.S. Bankruptcy Court Judge Judith H. Wizmur that talks were being held to sell the Sands, but they declined to reveal the name of the would-be buyer…"

2006-08-16