Fontainebleau Development has confirmed that it is targeting the fourth quarter of 2023 for the grand opening of its recently acquired Las Vegas-based 67-story casino and resort.
Construction has commenced on the long-stalled project, which is to operate under the Fontainebleau Las Vegas moniker and has been dubbed a “monumental expansion” in the group’s long-term vision of hosting the brand on the strip.
“We are grateful to have the opportunity to finish what we started and finally introduce the iconic Fontainebleau brand into one of the world’s largest hospitality destinations,” commented Jeffrey Soffer, Fontainebleau Development chair and chief executive officer.
“We have been extremely selective when it comes to expanding our brand. Las Vegas has always been our number one choice.
“The building is in mint condition, and we have already commenced construction. We are excited to make this dream a reality.”
Fontainebleau Development and partner Koch Real Estate Investments acquired the property in February 2021. The project is reported to be 75 percent complete, and, upon opening, Fontainebleau Development will be the sole hotel operator of the facility.
“Our goal at Koch Real Estate Investments is to partner with best-in-class management teams that have the drive and vision to bring unique solutions to each community in which we have a presence, and we’ve done that here with the Fontainebleau Development team,” said Jake Francis, president of Koch Real Estate Investments.
“Our partnership was forged from our combined belief in Las Vegas, not just as a destination but as a global brand where people from all over the world come together to enjoy world class venues, entertainment, and nightlife.”
The property spans 25 acres and approximately nine million square feet at the north end of the Las Vegas Strip, and sits directly adjacent to the Las Vegas Convention Center and the Las Vegas Global Business District.
“The Las Vegas tourism industry has shown incredible resilience throughout the last two years, and we believe our target opening date allows us to perfect our vision while positioning Fontainebleau Las Vegas for success in a new era of growth and visitation,” added Brett Mufson Fontainebleau Development president.
“This represents not only an investment in real estate, but also an investment in the community, and we look forward to having a positive presence and impact on Las Vegas for generations to come.”