State of the Construction Industry: November 2021…

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Phil Puccio

The dormant resort casino project in Fontainebleu looks like it will finally be completed – 15 years after it started.

When construction began on the Fontainebleau Resort Casino Project in Las Vegas nearly 15 years ago, it was expected to quickly become Las Vegas’ most luxurious property, priced well in the $ 1 billion mark should exceed. However, the project stalled amid a recession, bankruptcy, and a slew of new owners, each with their own plans and struggles. Now the project looks like it will finally move forward as the original project owner Jeffrey Soffers Fontainebleau Development plans to open the hotel and casino in late 2023.

The original project was over budget and a Chapter 11 bankruptcy halted construction before its scheduled opening in 2008 on the Las Vegas Strip. Businessman Carl Icahn bought the insolvent project in 2010and then sold it to Witkoff Group and New Valley LLC in August 2017 for $ 600 million. This group planned to open the resort as Drew Las Vegas. Marriott joined the project in 2018, but undressed. Fontainebleau Development and its partner Koch Real Estate Investments bought back the property in February 2021. The construction of the project alone will create around 3,200 jobs, while the resort will employ around 6,000 permanent employees after it opens.

Take away: That’s good news. The dormant project has become an eyesore under the Las Vegas skyline, and residents and visitors alike wondered if anything would ever happen to the unfinished resort. Let’s hope there aren’t any more complications, but it’s another sign that despite a pandemic, rising costs, and other challenges, the final outlook for construction for years to come remains good.

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Original Source: https://www.viewpoint.com/blog/state-of-the-construction-industry-november-2021-roundup
Category – Construction

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