What happened to Bob Stupak after he lost the Stratosphere to Lyle Berman and Grand Casinos is a fairly short story.
To begin with, he also lost nearly $100 million (in stock holdings) in the early Stratosphere fiasco, and though it didn’t break him by any means, it did ultimately preclude him from reentering the gambling business, where the buy-in these days starts at a couple hundred million. He did try to launch a Titanic-themed hotel and mall in 1999 on the site of his Thunderbird Motel (since sold), but it was rejected by the Las Vegas City Council (addressed in the 9/30/05 Question of the Day).
After departing the ranks of casino owners, Stupak disappeared from public view, with a few exceptions. He was involved in a brief conflict with then-Binion’s Horseshoe, which claimed some $5,000-denomination chips he tried to cash had been stolen; Gaming Control ruled in his favor. He also stuck his toe in the fight-promotion waters, sponsoring several boxers, with ambitions of promoting a heavyweight contender. He can still be seen around town on occasion, drinking at bars, betting sports, and chain-smoking cigarettes.
The Stratosphere, meanwhile, continued to fail. The stock price plummeted until it virtually disappeared (it fell to around 25 cents a share). It was ripe for a takeover and that’s what happened: Carl Icahn, a takeover magnate extraordinaire, started buying up the bonds at a deep discount. A year later, Lyle Berman was out and Icahn was in control of the hotel-casino-tower.
Since then, Stratosphere has come into its own. Icahn sank several hundred million into the property, finishing a hotel tower and adding two new thrill rides at the top of the tower, as well as a pool and sports book.
