Fontainebleau Owners Say Las Vegas Casino Will Open in 2023
The new owners of the Fontainebleau casino in Las Vegas say the old building will be back in action by 2023.
Las Vegas has been in a busy city for decades. For many years, Sin City has been home to quality casinos, a top-rated destination location that welcomes people from across the United States and around the world. Most of the venues in Las Vegas have stood the test of time, offering casino gaming, dining, drinks, and entertainment year after year. However, sometimes, a casino falters and needs a new owner or for a select few, the property is empty and stays that way until someone steps in. An example of this would the Fontainebleau. The casino has remained lifeless on the strip since 2009.
Steve Witkoff, a real estate businessman from New York, owned the property and sold it back in February to a Koch Industries subsidiary known as Fontainebleau Development and Koch Real Estate Investments. The venue is reportedly going to be back in business by 2023.
Construction Begins Again
Earlier this week, the owners of the casino hosted a ceremony to commemorate the restart of construction on the project. Since 2009, the casino has remained inactive on the Strip and essentially an eye sore.
The event revealed that the construction process should take around two years to complete. It is expected that the Fontainebleau will be up and running by 2023. The property will offer a large gaming space of 100,000 square feet and offer a large hotel of 3,700 guest rooms. Once completed, the property will offer 6,000 people permanent employment.
Once operational, the casino will offer visitors to the Las Vegas Strip yet another great spot for gaming, dining, and additional entertainment.
Coming Back from Bankruptcy
The casino had to file for bankruptcy back in 2009, which was during the Great Recession in the US. Work stopped on-site after about 75% of the initial project was completed. Fontainebleau Development was the original company behind the project who had to sell before the casino was completed. Carl Icahn, a billionaire businessman, was the highest bidder at $151 million.
Icahn did not want to do anything with the property when it came to finishing it and he looked at the casino instead as an investment. He ended up selling it in 2017 to Witkoff for $600 million. The new owner was hopeful that he would be able to develop the project but fell short due to financial issues.
For Fontainebleau Development, it seemed that buying the property again was in the cards. The venue essentially went full circle, with the original project developer now back in control.
The community near The Fontainebleau Casino are happy to see the eyesore become something that has a purpose. Officials of Clark County felt like the casino was just an eyesore and always hoped that it would be developed.
Nevada Governor Steve Sisolak is also happy to see the casino gaining a new life. According to the governor, discussions had been made to wrap the building so that it wouldn’t look so bad on the Strip. The governor said that the group that has been assembled will financially be capable to finish the project and see the casino become something amazing.
It will be interesting to see how the casino comes to life and if it will be ready by 2023. Hopefully, the new owner will be able to finish the plan and see the casino open up for visitors to enjoy sooner rather than later.