Fontainebleau Acquires Prime Las Vegas Real Estate for $113 Million

Fontainebleau Acquires Prime Las Vegas Real Estate for $113 Million

Fontainebleau Development, known for its iconic Miami Beach resort, has made a strategic move by acquiring 12 acres of prime land near the famed Las Vegas Strip for an impressive $113 million. The purchase marks a significant expansion for Fontainebleau’s presence in Las Vegas and solidifies its position as a major player in the city’s burgeoning hospitality scene. The property is situated directly across from the Bellagio resort and is within walking distance to a host of popular attractions and entertainment venues. “We are thrilled to acquire this exceptional parcel of land in the heart of the Las Vegas Strip,” said Fontainebleau Development CEO Jeffrey Berkowitz. “This strategic investment will enable us to create a truly unique and unparalleled resort experience that will redefine Las Vegas.” The 12-acre site was previously owned by The Related Companies, a renowned New York-based developer. It was originally intended as the location for a mixed-use project, including a hotel, casino, and residential units. However, those plans were put on hold due to the economic downturn in 2008. Fontainebleau Development has not disclosed its specific plans for the property, but it is widely anticipated that it will develop a world-class luxury resort. Rumors have circulated that the resort could include a hotel with over 2,000 rooms, a sprawling casino, multiple dining and nightlife options, and exclusive retail experiences. The acquisition of this prime property is a testament to Fontainebleau Development’s long-term commitment to Las Vegas and its confidence in the city’s continued growth as a global tourism and entertainment destination. The new resort is expected to create thousands of jobs and generate significant economic activity for the city. Industry experts have hailed Fontainebleau’s decision as a wise investment, noting that the location and size of the property make it ideal for a large-scale resort development. The project is expected to further elevate the Las Vegas Strip as a premier entertainment and leisure destination.Fontainebleau Development Eyes Expansion with $112.5M Land Purchase

Fontainebleau Development Eyes Expansion with $112.5M Land Purchase

Fontainebleau Development, the Florida-based company behind the recently opened Fontainebleau Las Vegas casino-hotel, is reportedly seeking to acquire 5 acres of land near its Strip property for $112.5 million.

Land Acquisition and Deal Terms

The land, located on Elvis Presley Boulevard just east of Las Vegas Boulevard, is currently owned by the Las Vegas Convention & Visitors Authority (LVCVA). The authority is scheduled to vote on the sale of the property to Fontainebleau on Tuesday. The deal, if approved, would equate to $22.5 million per acre and would involve Fontainebleau purchasing half of a 10-acre site that was once occupied by the Riviera hotel and casino.

Development Plans Uncertain

Fontainebleau Development has not yet disclosed its plans for the acquired land. However, the company has expressed confidence in the Las Vegas market and believes the acquisition will support future growth. The LVCVA requires that any development on the site complement existing projects in the area, including luxury condos. Fontainebleau’s joint venture partner in the land purchase, 65SLVB, has also kept its intentions private.

Fontainebleau Las Vegas Challenges

The Fontainebleau Las Vegas opened in December 2022 after a long and troubled history marked by delays and ownership changes. While the hotel has reportedly shown positive results in its early months of operation, it has also faced some challenges. Shortly after opening, four senior management members in casino operations and marketing left the company. In response, Fontainebleau hired Maurice Wooden, a veteran hospitality and gaming executive, to lead the property.

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