The Fontainebleau Las Vegas Needs Money To Finish Up
More bad news out of Sin City happened late yesterday as the Fontainebleau Las Vegas filed a $3 billion lawsuit after a group of banks canceled a critical round of financing needed to finish the project. The WSJ reports:
The suit says that, without the money, the project, "which was nearing completion, is doomed to failure, and thousands of Las Vegas residents will lose their jobs." Around 3,300 construction workers are employed at the site, and an additional 6,000 hotel and casino workers were expected to be hired to staff the resort, projected to open in the fall.
Vegas has already been hit hard by the financing woes surrounding CityCenter and the shutdown of the Echelon Project. While the Fontainebleau LV says they will do everything they can to keep the project on track, we say expect delays ahead. In the meantime, (shameless plug alert) check out what's still happening on The Strip at our new site, VegasChatter.
[Photo: Nick Barlow]