Whitehall Street Real Estate Funds plans
to acquire the landmark Stratosphere Casino Hotel & Tower in
Las Vegas from American Real Estate Partners as part of a $1.3
billion transaction.
Under terms of the
transaction, which still has to clear regulatory hurdles, Whitehall
will acquire the gaming operations of American Casino &
Entertainment Properties, a subsidiary of American Real Estate
Partners, a firm owned by Carl Icahn.
In addition to the
Stratosphere, ACEPs assets include the Arizona Charlies Decatur,
the Arizona Charlies Boulder, both off-Strip Las Vegas properties;
and the Aquarius Casino Resort in Laughlin, Nev.
The proposed
acquisition, which is subject to approval by the Nevada Gaming
Commission and the Nevada State Gaming Control Board, also includes
17 acres of undeveloped land surrounding the
Stratosphere.
To contact the reporter who wrote this article, send e-mail
to Michael Milligan at [email protected].