Goldman Sachs affiliate bags Icahn casinos

Icahn Enterprises LP said Thursday that it had closed on the $1.2 billion sale of four Nevada casinos -- including the Stratosphere Casino Hotel & Tower on the Las Vegas strip -- to Goldman, Sach & Co.'s Whitehall Street Real Estate Fund.

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Icahn, who has sold subsidiary American Casino & Entertainment Properties LLC, realized a gain of more than $700 million before taxes through the deal. ACEP, meanwhile, has been able to pay off all of the amounts outstanding on its 7.85% senior notes because of the transaction, which closed on Wednesday.

In addition to the flagship Stratosphere, Whitehall is also getting the Arizona Charlie's Decatur and Arizona Charlie's Boulder, both off the Strip and catering to the local market, and the Aquarius Casino Resort in Laughlin, Nev. The deal was first announced in April 2007. - Ben Fidler

See story from GlobeSt
See April story from TheDeal.com
See Dealwatch: Carl Icahn

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