Carl Icahn, a billionaire investor, is putting up the Fontainebleau Las Vegas on the Strip, for sale, according to a report from The Wall Street Journal.
CBRE Group Inc., who Icahn hired to market the unfinished resort and casino, said that they expect to sell the property for $650 million.
The Miami Herald said that Fontainebleau Resorts LLC began construction on the unfinished resort and casino on February 2007.
But the construction of the $2.9 billion, 3,900-room property was stopped in 2009, roughly two years after construction began, due to bankruptcy.
The Wall Street Journal said that Icahn had bought the property out of its bankruptcy in 2010.
Icahn paid about $150 million to acquire the property.
The Miami Herald adds that County lawmakers have ordered last week to have part of the 730-foot tower to be covered up.
This is due to the unsightly gaps that are seen on the blue glass façade of the tower.
The Wall Street Journal adds that Icahn, who is known as an activist investor, has been an active casino investor.
In 2007, he realized a gain of about $1 billion after selling the Stratosphere in Las Vegas and some smaller casinos for $1.3 billion near the market's top.
Icahn told The Wall Street Journal during an interview that, though he believes Las Vegas still has room to grow, he doesn't have the time and energy to build the Fontainebleau.
"I think Las Vegas still has a fair amount of room to run," he said. But I'd rather sell it than take the time and energy to build it out, which we have been considering doing."
The Wall Street Journal adds that the sale of Fontainebleau would be a big boost to the Strip's stagnant northern end.
The area has failed to generate much buzz while projects are stalled and foot traffic had been limited.
The Miami Herald adds that officials have assured the Clark County Commission that their monthly inspections have found no structural risks on the Fontainebleau.
