For years now, the Fontainebleau Casino & Hotel located in Las Vegas has remained closed. The original project cost $2.9 billion and was announced more than a decade ago in 2005. Construction would begin in early 2007 but by 2009, was halted. Now, the property has a new owner, a new name and scheduled opening date.
The casino & hotel are now owned by a partnership between a real estate firm of New York, known as Witkoff, and Marriott International. Another owner of the property is Florida-based New Valley, an investment firm.
According to reports, the casino will now be called The Drew Las Vegas and will open in 2020. The hotel portion of the venue will include around 4,000 hotel rooms and the gaming floor remains a mystery. The opening of the casino and hotel will certainly be a welcome sight as the property has remained shuttered for years.
The previous owner was Carl Icahn, a well-known investor in the gaming industry. Icahn was able to acquire the property in bankruptcy court in 2010 for $148 million and sold the property in 2017 for $600 million.
In a statement in 2017, Witkoff Chairman and CEO, Steve Witkoff, commented on the property, stating that the Fontainebleau is one of the best physical assets in the country, a reason why the group was attracted to the facility in the first place. According to Witkoff, the property is in an ideal location on the Las Vegas Strip as it is situated just across from the Las Vegas Convention Center.
With the opening of the venue in 2020, it will provide even more gaming options as well as accommodations. With its locations, the venue is sure to bring in traffic from those visiting the Strip as well as those attending events at the convention center.