[toc]One might think The Strip is getting a glamorous new casino. But in Las Vegas, appearances can often be misleading.
In truth, the new addition is just an antiquated blemish. The deserted Fountainebleau casino project finally received a cover, hiding the incomplete construction. If gossip is to be believed, a clandestine purchaser might be giving it a more enduring existence.
Casino first developed in 2005
The inception of the Vegas casino project was in 2005, with the objective of establishing a sister property for the Fountainebleau Hotel located in Miami, Florida. The building process of the 63-story property started in 2007. However, it was stopped in 2009 due to the recession.
Carl Icahn, a casino tycoon, acquired the property in a bankruptcy court for $150 million. It didn’t appear that Icahn was interested in developing the property from the start. He even auctioned off the furnishings for the property less than a year after buying it.
So, the unfinished casino on Las Vegas Blvd is hard to miss, being the town’s second-tallest building, with only the Stratosphere standing taller.
Under pressure from Clark County to address the eyesore, Icahn finally conceded and began to install a wrap on the building this month.
Though not substantial, it’s not insignificant either. The wrap at Fontainebleau is finally being erected. pic.twitter.com/ZNSdOLIoNy
This was tweeted by Vital Vegas on July 26, 2017.
Rumors of a purchase swirling
The exterior of the building is addressed by the facade, however, there’s yet no formal progress on finalizing the construction. Icahn put the property on the market for $650 million. He believed he was near to closing a deal last year, but it failed to come to fruition.
During the most recent earnings call, Jim Murren, the CEO of MGM Resorts, mentioned hearing rumors about an upcoming sale. He made it clear that MGM was not the buyer. However, he expressed optimism about the potential completion of the project.
Murren stated, “An expanded and upgraded convention center would greatly benefit the town, as well as northern (Strip) properties like Mirage and Circus Circus.”
Despite potential sale, the structure is far from completion, with an estimated couple of years needed to finish it. The towering height of the building is attributed to its 23-story parking garage. Although this part wouldn’t require significant work, the remaining portion of the building is significantly unfinished.
Recently, the northern end of the Strip has been experiencing changes. Resorts World has postponed its opening day to 2020. Meanwhile, Wynn is launching a new lagoon-focused resort behind its current casinos, named Paradise Park.
Other casinos are also changing ownership. Golden Gaming has purchased Stratosphere and is collaborating with Best Western on the casino. After several years of challenges, The Meruelo Group acquired SLS, which may be renamed back to its original Sahara.
Image courtesy of Jonathan Weiss via Shutterstock.com
