Fontainebleau Development Receives Final Approval To Open Fontainebleau Las Vegas
After a timeline of 16 years since construction officially began, Fontainebleau Development, the initial developer of Fontainebleau Las Vegas, has finally received regulatory validation to officially open the Strip resort, an investment worth $3.7 billion.
New gaming license:
Following 4 hearings before Nevada gaming regulators and 4 validations, the aforementioned casino-resort project is now in the midst of preparations to officially open its doors to the public in just over 3 weeks. However, this upcoming launch has been 16 years “in the making“ as mentioned above. In this regard, the initial developer of the resort who repurchased the unfinished building two years ago, Fontainebleau CEO Jeffrey Soffer, informed the Nevada Gaming Commission on November 16: “It’s been a long time and [the Fontainebleau] has been talked about through the years.”
It took the aforementioned regulator only 30 minutes to validate a gaming license for the Fontainebleau Development, Miami-based owner of the aforementioned 3,700-room North Strip resort that initially began construction back in 2007, just to have it revoked after a plethora of financial problems. Speaking about the new gaming license, Soffer commented following the hearing, according to The Nevada Independent: “The approved gaming license marks a pivotal milestone in our journey, and we are deeply appreciative of the trust and confidence that commission members have placed [on the resort].”
Scheduled grand opening:
The casino-resort is scheduled to have a grand opening on December 13 following a private, luxury, black-tie reception. Additionally, Post Malone, the Grammy-nominated singer will lead the opening weekend of New Year’s Eve festivities on December 30 and 31 with a show at the complex’s BleauLive Theater which is equipped with 3,800 seats.
Relatedly, Mark Tricano, president of the Fontainebleau Las Vegas, said to the commissioners: “The operators want to keep the resort “under wrap” from the public until the opening.” In addition, he added, referring to the 67-story building that has stayed uncompleted for a decade: “The building has been there for so long. We really want to make a splash in the market.”
The validation comes after a November 1 recommendation from the Nevada Gaming Control Board that Fontainebleau Development CEO Brett Mufson and Scoffer were deemed fit to operate legally in Nevada in July. Officials of the aforementioned developer roughly calculated that the overall expanses of the property’s development surpass $3.7 billion, including $2.2 billion in construction funding that the developers secured last December.
During June 2009, the casino-resort was approximately 70% complete when it run out of the financing source and Scoffer abandoned it. Over the next 10 years, the incomplete building was purchased by 2 non-identical ownership groups, involving corporate mogul Carl Icahn and Steve Witkoff, a developer from New York, who intended to change the name of the building to The Drew. However, these plans has have been put on hold due to COVID-19. Then, the building stayed more or less the same, till Scoffer repurchased it in alliance with Koch Real Estate Investments back in 2021, with the intention of finishing the initial project, which was considered key to boosting business prospects “at the north end of The Strip.”
Layout of the Fontainebleau Las Vegas:
Fontainebleau Las Vegas is projected to hire 7,100 employees, even though Tricano commented 6,500 individuals will be hired by the time of the grand opening. On a related note, during September, the owners came to an agreement with Bartenders Local 16 and Culinary Workers Local 226 on a card check neutrality deal, permitting a large portion of non-gaming workers to choose whether they want to be represented by a union without intrusion from the business.
As for the property itself, it will offer a 150,000-square-foot casino equipped with 128 table games, 1,300 slot machines and space set aside for 36 restaurants. It will also involve over 18,000 square meters of high-limit gaming spaces, involving slot area equipped with 105 games, in addition to a private gaming lounge equipped with 3 table games such as baccarat, European roulette and blackjack. But that’s not all; because it will also involve an area for games by the pool.
Fontainebleau’s hotel tower is equipped with 3,644 suites and rooms. The casino-resort developer will be the only one to manage the hotel, unlike other Strip companies that enter into alliances with hotel firms like Hilton and Marriott to do so.
Located on 25 acres, the property utilizes each inch of the plot. A 6.5 acre outdoor pool deck is located on the lower levels of the building. The area has 7 pools and an open terrace for exceptional events. Next, there is a 550,000-square-foot conference center found 3 levels above the parking garage. For this particular situation, officials want to ultimately build a link that would connect it to the facility to the West Hall of the neighboring Las Vegas Convention Center. However, the aforementioned West Hall wasn’t here when the construction was first stopped in 2009.
What’s more, Red Rock Resorts has also been permitted to offer odds-making services, a technology platform and risk management, to manage Fontainebleau’s 14,000-square-foot sportsbook and racetrack. But the location will not include the STN Sports brand and the workers will be from Fontainebleau.
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