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Tags: Fontainebleau / Hotels / Carl Icahn / Vegas Business / Fontaine-Bust / Hotel Construction / → All Tags

The Fontainebleau Will Live On, Thanks to Carl Icahn

Finally some good news for The Fontainebleau, the half-finished resort next to Encore that has been struggling to find new financing. It turns out billionaire investor Carl Icahn is the winning bidder for the property, which developer Jeffrey Soffer drove into bankruptcy last year.

Yet, don't expect the hotel to open any time soon. The WSJ reports:

Mr. Icahn said in an interview that he hasn't determined whether or not he will slowly gear up to restart construction on the Fontainebleau, or keep it mothballed for some time. People familiar with the project say even that would be costly. They estimate that heating, cooling, security and taxes would run about $1.5 million to $2 million a month on the property Mr. Icahn said he doesn't believe he will be able to raise much financing for construction. His firm could finance the construction itself if it wanted to, he said.

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Tags: Fontainebleau / Hotel Construction / Lawsuits / Fontaine-Bust / → All Tags

What's Taking The Fontainebleau So Long?

The last time this site checked in with the seemingly doomed Fontainebleau Las Vegas, they were filing for bankruptcy protection, and their CEO got the hell out of dodge, suing their former lenders for not staying the course...instead of staying the course. Even worse, the claim in court became even more clear (or convoluted, depending on how you see it): owner Jeffrey Soffer was suing his own project to essentially try to skirt the creditors' liens on his own project. Well, now we've got a new tip, and it appears it's only going to be worse.

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