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Part II: Carl Icahn: Owning Casinos Makes Sense for the Born Gambler

Icahn became a notorious corporate raider in '80s, financing his buying binge through junk-bond king Michael Milken. He would grow to attain a net worth of $4.2 billion, according to the 1999 Forbes 400 Richest People in America list.

All the while, Icahn never lost his love for the action.

"He's fairly renowned for making really big sports wagers," Curtis said. Renowned enough to catch the attention of Nevada regulators during the 1998 Stratosphere license hearings. Icahn admitted to betting on pro football with a New York buddy, but called the bets small. "Small" being relative, of course; it was revealed that his bets were in the range of $10,000.

Icahn has also been spotted in the past at the gaming tables, making excursions from his Mount Kisco, N.Y., home or Manhattan office to play at Caesars Atlantic City. Icahn carried a big credit line at Caesars, perhaps approaching $1 million, but never came close to tapping that amount, wagering around $5,000 to $10,000 per hand, according to a casino executive familiar with his play.

True to his character, the executive said, Icahn preferred to lay low and didn't seek to be pampered like the typical high rollers.

On a decidedly more public front, Icahn is also a player in the sport of kings with his Foxfield breeding operation. Foxfield has bred 39 stakes winners, including 12 in partnership. Among Foxfield's best bred: Great Navigator, Dalhart, Dauberval, Dance With Frances, Strong And Steady, Vaudeville, Helmsman, Canaveral and Larkwhistle.

As an owner of horses, Icahn has produced three Breeders' Cup starters: Meadow Star, winner of 1990 Juvenile Fillies and seventh in the '92 Distaff; Colonial Waters, second in the '90 Distaff; and Rose's Cantina, fourth in the '89 Distaff.

For all the fame and notoriety he's achieved in the public world, be it breeding horses or raiding corporations, Icahn intensively guards his privacy. The 64-year-old billionaire rarely speaks with the media or makes himself known at public functions.

As Forbes magazine said three years ago, "He is the quintessential outsider, whose strong preference is to shutter himself in his office, where he can juggle a dozen different negotiations at once."

Last July, just as a made-for-tabloid divorce trial was about to begin, Icahn agreed to a settlement with his then wife, Liba. Although outwardly reclusive, associates invariably describe him on a personal level as regular guy.

"If you compare him to other billionaires like Trump and Wynn, he's more similar to Kerkorian," Icahn's chief casino consultant, Dan Cassella, said, referring to MGM Grand's controlling shareholder, Kirk Kerkorian, who's also been described as reclusive.

"He's a fun guy ... at least I enjoy going to dinner with him. He's a down-to-earth guy. Not at all pretentious. You can talk to him about anything."

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