Perennial bridesmaid Penn National Gaming made a formal bid for the shut-down Fontainebleau project on the Las Vegas Strip today - the bid: $50 million. Bidding ends January 15th, 2010.
The project has incurred over $1.5 billion in construction costs and is estimated to require perhaps a similar amount to complete to original specification.
If Penn pulls this off, they'll have their first Las Vegas Strip presence - something they've toyed with for some time... If this does happen, Jeff Soffer is going to enter the gaming disaster hall of fame, right next to new-Aladdin developer Jack Sommer... Sommer? Soffer? Odd name similarity there... Anyway...
Update: Since this was written, Penn National has been outbid by a group lead by investor Carl Icahn: http://www.lvrj.com/business/fight-for-fontainebleau-72364182.html