Fontainebleau Development has announced plans to finally open Fontainebleau Las Vegas casino in the fourth quarter of 2023. [Image: Shutterstock.com]
The end is in sight
The Fontainebleau Las Vegas casino is set to open in the fourth quarter of 2023, according to Fontainebleau Development, the developer of the project. Construction has begun on the luxury casino complex at 2777 S. Las Vegas Boulevard, which will be 67 stories tall. The project will meet Fontainebleau Development’s long-term goal of having a property on the Las Vegas Strip.
Fontainebleau Développement acquired the land for this project in February 2021
Together with Koch Real Estate Investments, Fontainebleau Development acquired the site for this project in February 2021. According to the press release, it is already 75% complete. Fontainebleau Développement will be the only hotel operator on the property.
The casino will span 25 acres at the north end of the Las Vegas Strip and will feature more than 3,700 hotel rooms and over 550,000 square feet of convention space. It is directly adjacent to the Las Vegas Global Business District and the Las Vegas Convention Center. Local builder Richardson Construction is in charge of construction. Fontainebleau Development will announce additional development and design partners over the coming months.
Bullish in the Las Vegas market
Fontainebleau Development CEO and President Jeffrey Soffer is thrilled to finally have the Fontainebleau brand in Las Vegas. He said: “We have been extremely selective about expanding our brand. Las Vegas has always been our number one choice.
Fontainebleau Development has a diverse portfolio that includes properties in gaming, commercial, retail and hospitality spaces. Some of its major assets include Fontainebleau Miami Beach, Big Easy Casino and JW Marriott Turnberry Resort & Spa.
Fontainebleau Development President Brett Mufson spoke in the press release of the “incredible resilience” that the Las Vegas tourism sector has shown over the past two years. He said Fontainebleau Development hopes to have a positive impact on the town for generations to come.
Koch Real Estate Investments chairman Jake Francis said his firm always strives to partner with “best in class” management teams who can deliver unique solutions and that Fontainebleau Development fit into this category. Francis believes Las Vegas is a global brand and an attractive destination that will stand the test of time.
Many years of work
The Fontainebleau Las Vegas is a long time coming. It was originally a casino complex to be opened in 2008 on the same site. Although the construction was 70% complete, it ran into funding problems and eventually had to be abandoned due to bankruptcy. It was supposed to be the tallest building in Nevada, except for the Strat Observation Tower, when completed.
construction on the site was halted in March 2020 due to the COVID-19 pandemic
The site has been inactive for many years and has changed hands a few times. Carl Icahn bought the project out of bankruptcy in 2010 for $106 million, but construction never resumed. Investment firms New Valley LLC and Witkoff Group bought it for $600 million in August 2017. They resumed construction, planning to name it The Drew and open in 2022. However, construction on the site shut down in March 2020 due to the COVID-19 pandemic. .
Fontainebleau Development then bought the project in February 2021 for around $350 million, with Koch Real Estate Investments on board as a partner. This led to the Fontainebleau Las Vegas being renamed.