Penn National Gaming inc. has offered $50,000,000 for the unfinished Fontainebleau Las Vegas casino-resort on the Las Vegas strip.
Penn said that it agreed to buy the project from debtors, and that its offer will serve as the opening bid at a bankruptcy auction.
The resort was initially forecast to cost $3,000,000,000 to build and was about 70 percent complete when developers filed for chapter 11 bankruptcy protection in June.
Penn National Goes After Vegas Resort
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