Fontainebleau Targets Late 2025 Opening

Fontainebleau Development has breathed new life into the unfinished Fontainebleau, aiming to open the halted casino resort on the Vegas Strip’s north end, near Sahara and Circus Circus, by the fourth quarter of 2025.

Yet, this isn’t Fontainebleau’s maiden venture. The large blue structure initially started construction in 2007. However, the original developers ran out of funds and had to halt the construction in 2009.

Multiple owners of Fontainebleau have done little to progress the project. Hopefully, this instance will present a different outcome.

Fontainebleau Development plans 2025 opening

Koch Real Estate Investments bought the unfinished casino resort, originally named Fontainebleau Las Vegas, earlier this year.

The property occupies 25 acres of land. Construction of Fontainebleau, which has been paused for over a decade, has currently reached 75% completion. Despite reaching 90% completion when the construction initially halted, the project has not progressed for 12 years.

Although the structure might be in good condition, the new developers will need to replace everything ranging from the furniture to the Plaza and auction off the house items.

Koch is the landowner, and Fontainebleau Development is in charge of the property. It appears to be a revival of the initial plans for the property. In the following months, the company will reveal more partners for design and development.

Should the project finish around this time, it would represent a return to its Fontainebleau vision.

Brett Mufson, President of Fontainebleau Development, stated to the media that the company believes this is the opportune moment to complete the project that has been on hold for several years.

“The Las Vegas tourism sector has demonstrated remarkable resilience over the past two years. We think our projected launch date gives us the opportunity to refine our vision and set Fontainebleau Las Vegas up for success in an upcoming period of growth and increased tourism.”

More details about the resurgence of Fontainebleau are yet to come. One significant change is that it will solely function as a casino and hotel. Previously made plans to sell condo units have been shelved for now (more details on this will follow soon).

The Drew years

Koch bought Fontainebleau from Witkoff, a different real estate firm that had intended to complete the property in 2018. It was subsequently renamed The Drew and later, Drew Las Vegas.

Witkoff engaged a design and architecture firm to initiate the project. They also recruited Bobby Baldwin, a veteran of the gaming industry, as the Chief Executive Officer of Drew Las Vegas. Subsequently, Marriott was enlisted to manage the hotel at The Drew.

Regrettably, the plans never truly materialized, causing The Drew to stall. Marriott has withdrawn from the property’s development. The land is now owned by Koch, with Fontainebleau being responsible for completing the project.

Carl Icahn makes a smart investment

In 2017, Witkoff paid $600 million to billionaire investor Carl Icahn for Fontainebleau. This was after Icahn Enterprises had acquired Fontainebleau for $148 million in 2010.

Icahn appeared to lack a plan for completing the construction of Fontainebleau. Nonetheless, he earned a minimum of $457 million from this troubled real estate asset.

Hence, for seven years of doing minimal work, the return on investment was not at all poor.

Original Fontainebleau plans

The initial plan for Fontainebleau was to construct it on the former sites of El Rancho and Algiers casinos.

The project for a luxury casino, resort, and condominium is still situated on a relatively compact 25-acre plot of land. For context, The Mirage, which is currently on the market, spans approximately 100 acres.

The original Fontainebleau Las Vegas had ambitious plans. As per Vegas Today and Tomorrow, the property was set to feature the following:

• A 100,000-sq.-ft. casino
• Lapis, a 60,000-sq.-ft. spa
• A theater for performing arts with 3,200 seats
• 1,018 condo-hotel units
• 300,000 square feet of retail space
• Conference space of 390,000 square feet, both indoor and outdoor.
• Cutting-edge nightclubs
• 27 restaurants and lounges

Over the next few years, more information will be revealed about the offerings of the new Fontainebleau set to open in 2025. In addition to hotel amenities, the new operators will also need to disclose the gaming companies that will manage the casino and sportsbook.

At the very least, this should continue to be a luxury property comparable to what the company provides to its guests in Miami Beach.