Ivan Grabilin
The long-awaited Fontainebleau Las Vegas luxury hotel is set to open on December 13. The 67-story property is in its final stages of construction, and will still need to land regulatory approvals from the Gaming Control Board approval before its official opening.
The huge $3.7B project on the north end of the Las Vegas Strip was first announced in 2005, but was disrupted by the economic collapse in 2008-2009 and the original owners declared bankruptcy. Carl Icahn and Marriott International (MAR) toyed with the project separately, without restarting construction. The property was then reacquired by Fontainebleau Miami Beach owner Fontainebleau Development, and Koch Real Estate Investments took over the project in early 2021 to help push it to finish line with a fresh round of financing late last year.
The Fontainebleau Las Vegas will feature six-acre elevated pool deck, which will be home to a variety of amenities including seven pool experiences, five bars, two restaurants and an over 2K-square foot gaming area. The hotel’s 150K square feet of gaming space is noted to be outfitted with 1.3K slot machines and 128 table games. The resort also offers a three-level, over 90K-square foot theater that can hold up to 3.8K people. As for food and beverage, there will be 36 bars and restaurants on the site.
The Fontainebleau Las Vegas will have the distinction of being the tallest occupiable building in Nevada, and the development is the first western expansion for the iconic Fountainebleau brand.
The opening comes ahead of a strong event calendar for the Las Vegas Strip that includes F1 racing, Las Vegas Raiders football games, the 2024 Super Bowl, and the return of high-profile conventions at full capacity. A headwind for casino operators such as MGM Resorts (NYSE:MGM), Caesars Entertainment (NASDAQ:CZR), and Wynn Resorts (NASDAQ:WYNN) at the moment is the threat of a strike by the culinary and bartenders unions.