The Fontainebleau Las Vegas: A History of Ups and Downs

Article Date: July 11, 2023 • The Fontainebleau Las Vegas is a hotel and casino currently under construction on the Las Vegas Strip in Winchester, Nevada. It is on the 24.5-acre (9.9 ha) site previously occupied by the El Rancho Hotel and Casino and the Algiers Hotel. The project was announced as Fontainebleau Las Vegas in May 2005, with initial plans to begin construction by March 2006, and to have the resort opened by 2008. It was intended to be a sister property to the Fontainebleau Miami Beach hotel. It would be developed by Fontainebleau Resorts, which was owned by Jeff Soffer.

Construction began in February 2007, and the hotel tower was topped off on November 14, 2008. However, the project was halted in 2009 due to the Great Recession. The unfinished building sat idle for several years, as Soffer struggled to find a buyer.

In 2015, Soffer sold the property to Carl Icahn for $150 million. Icahn renamed the project Drew Las Vegas, but he also made little progress on completing the project. In 2017, Icahn sold the property to Steve Witkoff and partners for $600 million.

Witkoff resumed construction on the project, and in December 2022, he secured a $2.2 billion loan to finish the project. The Fontainebleau Las Vegas is now scheduled to open in the fourth quarter of 2023.

The Fontainebleau Las Vegas will be a 67-story, 3,800-room hotel and casino. It will feature a casino, a spa, a rooftop pool, and several restaurants. The resort will also have a 3,500-seat theater, which will be used for concerts, shows, and other events.

The Fontainebleau Las Vegas is one of the most anticipated hotel and casino projects in Las Vegas. The resort is expected to be a major tourist attraction, and it is sure to have a significant economic impact on the Las Vegas area.

Here are some of the key milestones in the history of the Fontainebleau Las Vegas:

  • May 2005: The project is announced.
  • March 2006: Construction is scheduled to begin.
  • 2008: Construction is halted due to the Great Recession.
  • 2015: The property is sold to Carl Icahn.
  • 2017: The property is sold to Steve Witkoff and partners.
  • December 2022: A $2.2 billion loan is secured to finish the project.
  • Fourth quarter 2023: The resort is scheduled to open.

The Fontainebleau Las Vegas is a project that has been through a lot of ups and downs. However, it is now finally nearing completion. The resort is sure to be a major addition to the Las Vegas Strip, and it is sure to be a popular destination for tourists and locals alike.

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