Corporate raider Carl Icahn approved for Nevada casino

The Nevada Gaming Commission Thursday licensed Icahn to operate Arizona Charlie's, a neighborhood casino that filed for Chapter 11 bankruptcy earlier this year. Icahn is scheduled to assume control of the property later this month.

Earlier this year, the New York billionaire assumed control of the bankrupt Stratosphere hotel-casino.

Icahn has a reputation for investing in undervalued properties, making immediate operational changes and selling out after turning quick profits. He has made power plays for Marvel Entertainment, TWA and Donald Trump's Taj Mahal casino resort.

Icahn is taking over Arizona Charlie's from Bruce Becker, who failed to obtain an expected $92 million loan that would have pulled the company out of bankruptcy.

Arizona Charlie's was forced to file for bankruptcy because of a failed Missouri riverboat deal. Icahn purchased the company's bonds at a discounted price and transformed them into his ownership position after months of legal wrangling.

In the case of the Stratosphere, Icahn purchased a controlling interest in the bonds of the bankrupt property and later converted that into an equity position.

Icahn has said he plans to put $70 million to $100 million into the Stratosphere to improve it.

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