EX-99.1
2
v105020_ex99-1.htm
FOR
IMMEDIATE RELEASE
ICAHN
ENTERPRISES L.P. AND AMERICAN CASINO & ENTERTAINMENT
PROPERTIES
LLC ANNOUNCE CLOSING OF SALE OF NEVADA CASINOS
New
York,
New York. February 21, 2008 - ICAHN ENTERPRISES L.P. ("Icahn Enterprises") and
its subsidiary AMERICAN CASINO & ENTERTAINMENT PROPERTIES LLC ("ACEP")
announced today the closing of the acquisition (the "Acquisition") of ACEP,
which held the Stratosphere and three other Nevada gaming properties. The
purchaser was an affiliate of Whitehall Street Real Estate Fund. The Acquisition
closed on February 20, 2008. With the closing of this transaction at a purchase
price of $1.2 billion, Icahn Enterprises has realized a gain in excess of $700
million, before taxes. Pro
forma
for this transaction Icahn Enterprises will have in excess of approximately
$4.0
billion to pursue opportunities to enhance unitholder value.
In
connection with the closing of the Acquisition, Icahn Enterprises and ACEP
also
announced that ACEP has accepted for payment and has repaid all of its
outstanding 7.85% Senior Secured Notes due 2012, which were tendered pursuant
to
ACEP's previously announced tender offer and consent solicitation. In addition,
ACEP has repaid in full all amounts outstanding, and terminated all commitments,
under its credit facility with Bear Stearns Corporate Lending Inc., as
administrative agent, and the other lenders thereunder.
ABOUT
ICAHN ENTERPRISES L.P.
Icahn
Enterprises, a master limited partnership, is a diversified holding company
engaged in four primary business segments: Investment Management, Metals, Real
Estate and Home Fashion. For more information, please visit the company's
website at www.IcahnEnterprises.com.
ABOUT
AMERICAN CASINO & ENTERTAINMENT PROPERTIES LLC
ACEP
owns
and operates four gaming and entertainment properties in southern Nevada. The
four properties are the Stratosphere Casino Hotel & Tower, which is located
on the Las Vegas Strip and caters to visitors to Las Vegas, two off-Strip
casinos, Arizona Charlie's Decatur and Arizona Charlie's Boulder, which cater
primarily to residents of Las Vegas and the surrounding communities, and the
Aquarius Casino Resort which caters to visitors to Laughlin. For more
information, please visit the company's website at www.acepllc.com.
CAUTIONARY
STATEMENTS
This
press release contains certain forward-looking statements regarding future
circumstances. These forward-looking statements are subject to risk and
uncertainties that could cause actual results to differ materially from those
contemplated in such forward-looking statements, including in particular the
risks and uncertainties described in each of Icahn Enterprise's and ACEP's SEC
filings. Neither Icahn Enterprises nor ACEP undertakes any obligation to
publicly release any revisions to these forward-looking statements to reflect
events or circumstances after the date hereof.
Media
Contact:
Andy
Skobe
Interim
Chief Financial Officer
Icahn
Enterprises L.P.
(646)
861-7551

EX - 99 . 1 2 v105020 _ ex99 - 1 . htm FOR IMMEDIATE RELEASE ICAHN ENTERPRISES L . P . AND AMERICAN CASINO & ENTERTAINMENT PROPERTIES LLC ANNOUNCE CLOSING OF SALE OF NEVADA CASINOS New York , New York . February 21 , 2008 - ICAHN ENTERPRISES L . P . ( " Icahn Enterprises " ) and its subsidiary AMERICAN CASINO & ENTERTAINMENT PROPERTIES LLC ( " ACEP " ) announced today the closing of the acquisition ( the " Acquisition " ) of ACEP , which held the Stratosphere and three other Nevada gaming properties . The purchaser was an affiliate of Whitehall Street Real Estate Fund . The Acquisition closed on February 20 , 2008 . With the closing of this transaction at a purchase price of $ 1.2 billion , Icahn Enterprises has realized a gain in excess of $ 700 million , before taxes . Pro forma for this transaction Icahn Enterprises will have in excess of approximately $ 4.0 billion to pursue opportunities to enhance unitholder value . In connection with the closing of the Acquisition , Icahn Enterprises and ACEP also announced that ACEP has accepted for payment and has repaid all of its outstanding 7 . 85 % Senior Secured Notes due 2012 , which were tendered pursuant to ACEP ' s previously announced tender offer and consent solicitation . In addition , ACEP has repaid in full all amounts outstanding , and terminated all commitments , under its credit facility with Bear Stearns Corporate Lending Inc . , as administrative agent , and the other lenders thereunder . ABOUT ICAHN ENTERPRISES L . P . Icahn Enterprises , a master limited partnership , is a diversified holding company engaged in four primary business segments : Investment Management , Metals , Real Estate and Home Fashion . For more information , please visit the company 's website at www.IcahnEnterprises.com . ABOUT AMERICAN CASINO & ENTERTAINMENT PROPERTIES LLC ACEP owns and operates four gaming and entertainment properties in southern Nevada . The four properties are the Stratosphere Casino Hotel & Tower , which is located on the Las Vegas Strip and caters to visitors to Las Vegas , two off - Strip casinos , Arizona Charlie ' s Decatur and Arizona Charlie ' s Boulder , which cater primarily to residents of Las Vegas and the surrounding communities , and the Aquarius Casino Resort which caters to visitors to Laughlin . For more information , please visit the company 's website at www.acepllc.com . CAUTIONARY STATEMENTS This press release contains certain forward - looking statements regarding future circumstances . These forward - looking statements are subject to risk and uncertainties that could cause actual results to differ materially from those contemplated in such forward - looking statements , including in particular the risks and uncertainties described in each of Icahn Enterprise 's and ACEP 's SEC filings . Neither Icahn Enterprises nor ACEP undertakes any obligation to publicly release any revisions to these forward - looking statements to reflect events or circumstances after the date hereof . Media Contact : Andy Skobe Interim Chief Financial Officer Icahn Enterprises L . P . ( 646 ) 861 - 7551
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