Witkoff was on the hunt for $2 billion in financing for construction, which he asserted at the time was almost secured. That launch had to be pushed back to next year as financing for the project was secured. At the time, the resort was expected to open in 2020. That led to a deal between the firm and Marriott, in 2018, to partner on what would eventually be a reincarnation of the Fontainebleau as The Drew Las Vegas. Two years later, though, it was bankrupt due to the economic recession, and the property was sold the following year to billionaire Carl Icahn for $150 billion.įast-forward seven years, and Icahn made a nice return on his investment when he sold the property for $600 million to real estate firm New Valley and an established real estate developer, Steve Witkoff. Two years later, Jeffrey Soffer, the founder of Fontainebleau Development, and former casino executive Glenn Schaeffer started laying the foundation for the new property.
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The firm told the LVRJ that the resort’s hotel “will be managed and operated by Fontainebleau Development.” It added, “Having come full circle and taken ownership of the site in Las Vegas, we intend to fulfill our original vision and deliver the same extraordinary hospitality experience that our guests have come to expect from Fontainebleau Development.” Fontainebleau Can’t Find TractionĪt the time, in 2005, the Fontainebleau was going to be the next big casino resort to come to Vegas. Fontainebleau is indirectly involved in Florida’s contentious sports betting and casino expansion debate, the outcome of which is still completely unknown.Ī statement from Fontainebleau seems to indicate that it decided to cut ties with Marriott, not the other way around. The property was sold to Fontainebleau Development earlier this year, but it isn’t clear if that has anything to do with the decision.
It was going to put up $50 million in exchange for a stake in the ownership of the property, which was, at the time, expected to over a massive, 3,800-key hotel, a large convention area, a huge gaming floor and retail spaces.Īccording to the Las Vegas Review-Journal (LVRJ), Marriott has decided it will no longer be involved. Marriott had reportedly agreed to work with the property’s then-owner in 2018 to develop the resort. The project, when finally ready, was expected to count on the support of Marriott International, but that is apparently no longer going to happen, either. It was then picked up again and resold a couple of times before ending up in the hands of Fontainebleau Development this past February. The project was initially begun 14 years ago before taking a break due to the economic crash in 20, which led to its bankruptcy. The ZTE Axon 30 is likely to begin its global sales in September.The Fontainebleau in Las Vegas is having a difficult time finding solid ground. 29,000) and an 8GB with 256GB of storage model for $430 (approx. 35,000) version featuring 12GB of RAM and 256GB of storage, as well as an 8GB with 128GB model for $384 (approx. 25,000) for the model with 6GB of RAM and 128GB of storage.
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