The consortium behind the long-stalled Fontainebleau resort project on the north Strip, Las Vegas anticipates completion in late 2023. Fontainebleau Development, a Florida-based business that owns and operates hotel, commercial, retail, and luxury buildings, plans to open the complex at 2777 S. Las Vegas Boulevard in the fourth quarter of 2023. It will be known as Fontainebleau Las Vegas when it opens. The 63-story casino resort is proposed for the blue-glass structure between the recently built Resorts World Las Vegas and the extension of the Las Vegas Convention Center West Hall.
Fontainebleau resort project; structure in good condition
“When it comes to extending our brand, we have been quite picky.” Our first preference has always been Las Vegas. The building is in excellent shape, and this will just add to the many excellent hotel alternatives available in Las Vegas,” said Jeffrey Soffer, chairman, and CEO of Fontainebleau Development. Construction on the project dubbed the Drew for a period began in 2006. When the development was paused during the Great Recession, the project was almost 70% complete. The engagement of the Koch Real Estate company, a subsidiary of Koch Industries, which employs over 62,000 people in the United States and is directed by Charles Koch, appeared to suggest confidence in the Las Vegas market.
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“We’re optimistic about Las Vegas.” It is one of the most known, famous trademarks in the tourist and gaming industries. We knew we wanted to be in Las Vegas when the chance arose. “We envision sustained expansion here,” said Jake Francis, president of Koch Real Estate, adding that the pandemic-induced tourism dip in Las Vegas had not deterred Koch Real Estate. “Throughout its history, Las Vegas has shown to be resilient. Second, having Koch Industries as a financing partner in this endeavor is fantastic because we have a long-term perspective. We considered what Las Vegas might look like not just two years from now, but ten years from now.”
