Carl Icahn is on course to take control of the abandoned Fontainebleau Las Vegas project.
The billionaire financier, who is also targeting bankrupt Trump Entertainment Resorts, reportedly offered $106m to purchase the site and a further $50m in financing. Other bids were received by the US Bankruptcy Court in Miami but were deemed unsuitable. Penn National Gaming is also thought to have pulled out of the bidding process.
To date, construction work on the resort has cost in the region of $2bn and estimates indicate that it would take an additional $1.5bn to complete the project.
