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| STRATOSPHERE TOWER HOTEL AND CASINO RESUMES CONSTRUCTION ON UNFINISHED HOTEL TOWER |
4/14/2000 April 14, 2000 April 14, 2000 - LAS VEGAS - The Stratosphere Tower Hotel and Casino resumes construction on the unfinished hotel tower project, announced Richard P. Brown, Executive Vice President of Marketing for Stratosphere. "Carl Icahn acquired majority interest in the Stratosphere property in 1998 with the vision to expand and to complete the Stratosphere property," said Brown. "It shows how much Icahn has confidence not only on this signature property but in Las Vegas as a whole. The Stratosphere under Icahn has a great track record and is achieving positive results. Also, we are experiencing an increasing public demand for a value destination experience on the Strip. In light of these conditions, Icahn felt it was time to move forward with the expansion efforts and finish the second tower to fill that room-value niche," he said. The total construction budget for the new tower project is $65 million and includes 1,002 new guest rooms and guest amenities such as a 67,000-square-foot pool and recreation area with a new snack bar cocktail bar, private cabanas and two spas. The new 24-floor tower will also house a 350-seat coffee shop, new Porte cochere and valet parking entrance, gift shop and new tour bus entrance and lobby. The estimated topping-off date of the new tower is August 15, 2000 with total completion of the project to be August, 2001. Management for the construction project is Harris Associates-Ron Harris Principal. Initial construction efforts will focus on completing the seven additional floors to the existing partially-built tower. Icahn is also formulating plans to increase the property over-and-above the current Stratosphere project and has additional expansion strategies on the drawing board for an additional 1,000 rooms and new convention and banquet facilities. Carl Icahn also owns Arizona Gaming Properties and is in progress of completing Arizona Charlie's East for its planned opening on May 23, 2000 and the expansion of the casino and parking on other Arizona Charlie's properties. |
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