Fontainebleu on auction: do we hear $51 million?
Want to buy a multi-billion-dollar casino for cheap?
Keep in mind you will most likely need to spend another couple billion in order to finish building.
The casino on the auction block is the $3 billion, 4,000-room Fontainebleu, and the first bid was placed by Penn National Gaming, which has been trying for years to enter the Las Vegas market. Two years ago, Penn made a failed bid for Harrah's.
Penn offered $50 million with a promise to fork out another $1.46 billion to see it through. Already $2 billion has been spent on the bankrupt project.
The deadline for bids is Jan. 15, 2010.
Assuming that Penn gets the bid, construction wouldn't begin until the following year.
