$2.9 billion dead Vegas casino to be revived
A building that has been nothing more than an eyesore on the Las Vegas Strip since 2009 is finally getting back into the game. The former planned Fontainebleau Casino will be reopened following completion of construction in 2020 and will be named The Drew Las Vegas. The project comes from a partnership between Marriott International and global real estate firm Witkoff.
Fontainebleau had its construction begin in 2007. However, by 2009, the company behind the project, Fontainebleau Resorts LLC, was bankrupt and couldn’t complete the $2.9 billion casino. Billionaire Carl Icahn bought the property in 2010 for $150 million and sold it for $600 million last August. The resort will offer 500,000 square feet of convention space, entertainment and numerous nightlife, retail and dining options. Plans are to build 3,900 rooms in the 63-story building, which was 70% complete when construction halted in 2009.
The Drew is one of two resorts planned for the north end of the Vegas Strip by 2020. Resorts World Las Vegas, another billion-dollar resort that has had significant delays, is gearing up again to be completed. That resort is designed to cater to Chinese and Chinese-American tourists in Vegas. Both are expected to be completed around the same time as the Las Vegas Convention Center’s expansion and renovation project, which will offer a massive 1.4 million-square-foot space.