Wednesday, June 23, 2010

Fontainebleau Showing Signs of Life?

The Las Vegas Sun is reporting that construction permits have been issued for the formerly named Fontainebleau project. The paper was quick to note that this doesn't necessarily mean construction will start anytime soon, but hey it's something.

Carl Icahn acquired the project in bankruptcy court proceedings in January. Since then there has been much speculation as to what he will do with it. Many people said he would just let it sit until the economy improves. I agree that he wouldn't want to open a new casino in this environment, especially with CityCenter and Cosmopolitan soaking up the already saturated market.

The thing is, Fontainebleau (or whatever it will be called) is going to take time to finish. I'm guessing that they are looking at 18 months minimum before they could open. If they start construction now maybe the economy will be at least slightly recovered by the time they are done in late 2011 or early 2012. They would also get to be in the spotlight as the newest hotel in town since CityCenter and Cosmo will have long been opened by then.

I really hope something happens soon. That building is too big to be sitting there half finished, and that part of the Strip could use some good news.