American Real Estate Partners, L.P. is a diversified holding company engaged in a variety of businesses. Businesses currently include hotel and casino operations in Las Vegas & Laughlin, Nevada and Atlantic City, New Jersey; rental real estate; real estate development; hotel and resort operation; home fashion and investments in equity and debt securities. Carl Icahn is the majority stock holder in American Real Estate Partners, L.P.

Gaming interests in Las Vegas, Nevada, include the Stratosphere, Arizona Charlie's Boulder and Arizona Charlie's Decatur, which are operated through American Entertainment Properties, a subsidiary of Icahn's major company American Real Estate Partners.