If Wynn Resorts, Limited (NASDAQ:WYNN)‘s CEO sees only stuck money in the unfinished Fointainbleau building, Icahn Enterprises LP (NASDAQ:IEP) and Carl Icahn should take him seriously and act fast rather than just sitting on the investment. In an interview with CNBC‘s Jane Wells, Wynn Resorts, Limited (NASDAQ:WYNN)’s Chairman and CEO, Steve Wynn, revealed what he remembers from his conversation with Carl Icahn about Fountainbleau.
” […] I asked him what are you doing about the Fountainbleau? He said, I got a lot of cash and I just took a shot. He said, I thought he was crazy when he bought the Stratosphere but I made a billion dollars. I said, yeah Carl, you made a billion dolllars in ’04 and ’05 when things were easy. Fountainbleau is going to be a little tougher […],” said Wynn.
Wynn Resorts, Limited (NASDAQ:WYNN) is a giant when it comes to the hotel and resort industry with a market cap of about $19 billion. Hence Wynn’s outlook on the industry and economy carries significant weight. He is aware that the building was bought at a considerable discount by Icahn Enterprises LP (NASDAQ:IEP) which was acting on the directions of its founder and majority shareholder, Carl Icahn. Wells mentioned that this discount was in the neighbourhood of 95%.
Wynn Resorts, Limited (NASDAQ:WYNN)’s chairman also mentioned that most of the furniture in the building has already been sold by Icahn Enterprises LP (NASDAQ:IEP).
An empty, desolate, tall building standing on the Las Vegas Trip, possibly dilapidating with every passing day is not the best of images that Carl Icahn would like to be associated with his company, Icahn Enterprises LP (NASDAQ:IEP). Icahn should hatch a plan to flip it, or do something else with it before it is too late and demolition is the only foreseeable future for Fountainbleau.
Video Embed Size: 530 X 298 640 X 360
Let Warren Buffett, David Einhorn, George Soros, and David Tepper WORK FOR YOU. If you want to beat the low cost index funds by an average of 6 percentage points per year look no further than Warren Buffett’s stock picks. That’s the margin Buffett’s stock picks outperformed the market since 2008. In this free report, Insider Monkey’s market beating research team identified 7 stocks Warren Buffett and 12 other billionaires are crazy about. CLICK HERE NOW for all the details.