Billionaire hedge fund activist Carl Icahn has made some big bets on Nevada that have paid off. Icahn purchased the Stratosphere out of bankruptcy court in 1998. He also bought two Arizona Charlie's casinos and a Laughlin casino. He sold those properties for $1.3 billion in 2007. Icahn bought the partially built, mothballed Fontainebleau hotel out of bankruptcy for around $150 million in 2010. He sold it for $600 million in 2017. In 2008, Icahn bought a stake in Tropicana Entertainment. He sold it last year before the market selloff to Eldorado Resorts for $1.85 billion. In 2019, Icahn confirmed that he has purchased a 9.8 percent stake in Caesars Entertainment Corp. worth more than $600 million.
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