Harrah's, Penn National interested in Fontainebleu
In other Fontainebleu Las Vegas news, it appears as if companies are surrounding the forced-into-bankruptcy-before-being-finished mega casino/hotel like a pack of wolves around a lone deer.
And it won't be inexpensive: debts are estimated at $1.5 billion (with a "b") to finish and open the 4,000-room casino resort.
Two prominent leaders of the pack look to be Penn National Gaming and Apollo Management.
Penn National is well-known outside of Las Vegas with multiple casinos, primarily in the racino arena. They've been trying to angle a foothold on the Vegas market for years, last expressing interest in Tropicana.
Apollo Management is the private equity firm that owns Harrah's, which recently paid off the debt of Planet Hollywood.
Hmm... buy up debt to get into further debt. How could anyone lose?



