Carl Icahn has scooped up the distressed Fontainebleau Las Vegas for just $157 million, after making the only qualified bid at the auction.

That's over 90% below what it cost to build the casino so far, but of course it could end up as a huge liability for Mr. Icahn as well. The Fontainebleau also needs another $1.5 billion of potential work before it can be completed.

Still, this could be an early sign of renewed interest in Vegas (especially combined with other news, such as a rebound in gaming revenue).

According to the Miami Herald, Icahn was the only qualified investor with the stones to show up for the auction.