What Las Vegans call Big Blue on the North End of the Las Vegas Strip may finally have a future. The stalled Fontainebleau Hotel Project which was suspended in 2009, has just been sold.
Billionaire Carl Icahn acquired the property from Bankruptcy 7 years ago. The property has sat idle ever since; and was 70% complete when the work was halted. I can recall a lot of furniture and carpet from the Fontainebleau being sold; and we received quite a bit at Buffalo Bills in Primm.
Mr. Icahn paid $148 Million for the Fontainebleau; and the Sale to an Investment Group led by New York Developer, Steven Witkoff, is going through at $600 Million. Needless to say, this is a significant investment in the Fontainebleau; and quite the profit for Mr. Icahn. No plans have been announced thus far on the development of the Fontainebleau now that it’s been sold.
Why the Fontainebleau; and why now? Las Vegas is a good bet. Mr. Witkoff is quoted as saying, the Fontainebleau is in a prime spot on the North End of the Strip, close to the Convention Center (which is undergoing a $1.4 billion expansion and renovation) and it’s also in a prime location for all sorts of Las Vegas activities.
Just my opinion; but with T-Mobile Arena, the Golden Knights, the Raiders; and the City setting Visitation Records for the past two years, Fontainebleau should be another great addition.
There’s also good news from Downtown Las Vegas! The Golden Gate Hotel and Casino has reopened after an expansion project. The Golden Gate which is 111 years old is famous for being one of the Rat Pack Hotels. Frank, Sammy and Dean were regular customer’s downtown. The expansion included nearly doubling the size of the casino floor, expanding the outdoor bar; and redesigning the property’s facade drawing inspiration from the Jazz Age. There’s also a new Casino Project underway across the street. The old Las Vegas Club is under renovation.
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