It's a real-estate transaction of towering proportions. To the average casino customer, it might not seem all that important, but to one very shrewd investor, selling the Stratosphere Hotel Casino is part of a deal that will net a $1 billion profit.

When construction began in 1992, enthusiasm for The Stratosphere Tower Project was anything but sky high; in fact, locals called it ugly and the construction work was plagued with difficulties, including a fire that nearly ended things in 1993.

Bob Stupak's resort was a financial failure, and years later it was renowned investor Carl Ichan who saw an opportunity and stepped in for one of the smartest casino purchases ever made.

Ichan has agreed to sell The Stratosphere and the Arizona Charlie's chain of casinos for about $1.3 billion, a deal that will give Ichan's company a billion dollars in profit. The new owner will be an affiliate of Goldman Sachs. No word yet on whether that company has any big changes in mind for any of the hotels.

The Stratosphere is positioned just north of another major casino deal we told you about last week. MGM-Mirage has agreed to purchase a huge empty lot at the corner of Sahara and The Strip for another mega-project that has yet to be announced.