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American Entertainment Properties Corp sells casino properties for $1.3 billion

American Entertainment Properties Corp (AEPC) has sold its casino properties to Whitehall Street Real Estate Funds for $1.3 billion, it has been revealed.

The investment funds group, affiliated with Goldman Sachs, will take ownership of casinos including the Arizona Charlie's Decatur and the Aquarius Casino Resort.

The AEPC will also hand over the first casino it purchased, the Las Vegas Strip's Stratosphere Casino Hotel and Tower, as part of the deal.

"Our gaming investments are a successful example of our strategy of acquiring undervalued and out of favor assets, and improving operations and enhancing value," commented Carl Icahn, chairman of AREP's general partner.

"The management team has done a great job turning this business around," he added.

The deal is subject to the approval of the Nevada State Gaming Control Board and the Nevada Gaming Commission.

The Stratosphere Hotel features a famous 1,149 tower, one of America's tallest observation platforms.


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