Penn Bids $50M For Unfinished Fontainebleau Project

Law360, New York (November 17, 2009, 5:46 PM EST) -- An affiliate of Penn National Gaming Inc. has put in a $50 million stalking horse bid for bankrupt Fontainebleau Las Vegas Holdings LLC's unfinished multibillion-dollar hotel and casino development on the Las Vegas Strip.

Fontainbleau filed a motion in the U.S. Bankruptcy Court for the Southern District of Florida on Monday seeking orders establishing bidding procedures for the sale of all or substantially all the debtors' assets, authorizing the debtors to provide certain stalking bid protections and scheduling a hearing to consider approval of the sale....
To view the full article, register now.