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November 30, 2009

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Icahn buying Stratosphere mall, taking resort private

Wednesday, Sept. 20, 2000 | 11:14 a.m.

Stratosphere Corp. said it will be taken private in a deal engineered by majority owner Carl Icahn and his American Real Estate Partners.

Shareholders not affiliated with Icahn will receive $45.32 per share. Icahn's companies, other than AREP, will receive $44.33 per share. Stratosphere earlier this year rejected a $44.35 buyout offer from Icahn.

Separately, Stratosphere said it will soon acquire the Tower Shops shopping mall within the resort.

Disappointing visitor counts to the shopping mall led to litigation between it and the resort. The mall was developed by Simon DeBartolo Group and Gordon Group Holdings.

It's believed business will improve for the casino and shopping mall when Icahn finishes the $65 million addition of a 1,000-room tower at the Stratosphere.

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