Friday, June 12, 2009

Fontainebleau Las Vegas Goes BK

fontainebleau las vegas files for bankruptcy
It looks like another resort is in financial trouble in light of the weak economy. The $3 billion Fontainebleau Las Vegas resort has filed for bankruptcy protection as they have run short of funds to complete the project when a group of lenders backed out of an $800 million loan (lawsuit in progress against the lenders). The sprawling Strip resort had been scheduled to open later this year offering nearly 4,000 rooms, a casino, spa condo-hotel units, shopping, nightclubs, restaurants and interestingly enough, a chocolate factory. Perhaps this is a sign to developers that instead of pursuing mammoth projects, they should focus on creating smaller, more intimate and more luxurious destinations.


1 comment:

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