The tallest building in Nevada has sat empty since it was topped out in 2009 and has never heard the footfall of tourist traffic inside its walls. Having come full circle after a series of false starts, Fontainebleau Development Chairman and Chief Executive Officer Jeffrey Soffer says that the 67-story casino that his company recently re-acquired should open by the end of 2023 and prior to the Superbowl coming to town in February 2024.
The uncompleted project has changed hands several times, including a period wherein Carl Icahn owned it, dumping tens of millions into keeping the infrastructure in mint condition for its eventual opening. Construction was stopped on the $2.9 billion property with the great recession gnawing at its limbs in 2009.
Passed around and handed down
Icahn bought the 70-75% completed luxury casino resort project at bankruptcy for a scant $150m in 2010 and after holding and maintaining it for seven years, sold it at 400% profit.
The resort is located on the North end of the strip near SLS Las Vegas and Circus Circus at 2777 S. Las Vegas Blvd. The property covers about 25 acres and is adjacent to the Las Vegas Convention Center and the Las Vegas Global Business District.
An interim owner had intended to open it in late 2020 under the name The Drew, in association with Marriott International with 4,000 upscale rooms and half a million square feet of convention space, dining, and nightlife.
In February 2021 it was announced that Soffer had acquired his original property again through a “deed in lieu of foreclosure.” Partnering in the project is Koch Real Estate Investments.
There’s no time like the present for second chances.
Construction to complete the behemoth vertically integrated project has already begun in earnest and will reopen as soon as late 2023 under the name Fontainebleau Las Vegas.
Fontainebleau Development Chairman and Chief Executive Officer Jeffrey Soffer said: “We are grateful to have the opportunity to finish what we started and finally introduce the iconic Fontainebleau brand into one of the world’s largest hospitality destinations,
“We have been extremely selective when it comes to expanding our brand. Las Vegas has always been our number one choice.
“The building is in mint condition, and we have already commenced construction. We are excited to make this dream a reality.”
Jake Francis, President of Koch Real Estate Investments added: “Our partnership was forged from our combined belief in Las Vegas, not just as a destination but as a global brand where people from all over the world come together to enjoy world class venues, entertainment, and nightlife.”
Completion of the development is in good hands with esteemed Las Vegas builder Richardson Construction in the led position. Additional development and design partners are expected to be announced in the coming months.
Source: Fontainebleau sets its sights on opening at end of 2023, G3 Newswire, January 18, 2022