Las Vegas Sun

March 28, 2024

Fontainebleau

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Though close to finished, the Fontainebleau may cost another $1.5 billion to complete, on top of $1 billion already owed to lenders.
    Fate of Fontainebleau will likely be determined by new owner
    The troubled Fontainebleau resort — which may not be worth more than the debt accumulated to build the project — is likely to change hands in bankruptcy.
  • Fontainebleau Resort on the north end of the Las Vegas Strip is shown under construction.
    Fontainebleau builder agrees to six-month license suspension
    Fontainebleau Las Vegas resort builder Turnberry West Construction Inc. has settled a complaint filed by the Nevada State Contractors Board by agreeing to a six-month suspension of its license. The settlement, approved by the Contractors Board July 23, relates to a subcontractors' claim that it's owed millions of dollars for work on the casino-resort project on Las Vegas Boulevard. Work on the $2.9 billion project, which was 70 percent complete, was halted in June when Fontainebleau filed for bankruptcy reorganization after major banks halted funding.
  • Fontainebleau contractor says its liens take priority over lenders
    A new issue emerged in the Fontainebleau Las Vegas bankruptcy case Tuesday when the resort's general contractor asserted it and the resort's subcontractors hold liens superior to those of the Fontainebleau lenders.
  • Lenders: Cost overruns led to Fontainebleau loan default
    Bank lenders for the first time have publicly disclosed why they declared the $2.9 billion Fontainebleau resort in Las Vegas in default on its construction loan and shut off funding. Tuesday, they cited hundreds of millions of dollars in cost overruns and possible misrepresentations by the hotel-casino developer.
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Fontainebleau, the 4,000-room resort project at the north end of the Strip, might miss its October opening date because of shaky financing and a leadership hole. The company's CEO has left, and banks are reneging on $800 million in loans.
    Outlook for Fontainebleau slides from bad to worse
    When the ambitious Fontainebleau was announced in 2005, the 4,000-room resort project, which might have been an icon unto itself in another city, joined a crowded field of megaresorts in planning or under way on the Strip. With tourism booming, few questioned the resort’s prospects. The resort’s location at the north end of the Strip was no longer seen as a hindrance given the opening of Wynn Las Vegas at the site of the former Desert Inn and what would soon become the Encore and Palazzo nearby.
  • Fontainebleau developer lays off 40 employees
    The company developing the $2.9 billion Fontainebleau Resort in Las Vegas laid off about 40 people Monday, or about 20 to 25 percent of its staff, a spokesman said.
  • Don Stepp, Z Glass general foreman, looks down from the top floor of the Fontainebleau hotel and casino as his crew installs glass panels on the building.
    Fontainebleau glazing contractor no stranger to overcoming adversity
    Las Vegas businesswoman Weina Zhang says she works all the time not for the money, but to help young girls in her native China. Zhang, chief executive and majority partner in Zetian Systems Inc., is a relatively unknown but fast-rising name in the worldwide construction industry. Her company supplies glass panels and other architectural products, mainly from China.