Fountainbleu sale breeding strong outlook for Las Vegas Strip

LAS VEGAS - A long time abandoned project now has new owners.

The Fontainebleau, an unfinished hotel-casino project on the north end of the strip has sold for $600 million dollars. The property has been left unfinished for years and might be one step closer to completion thanks to the sale.

Visitors may not recognize the Fontainebleau, but they do see the need for more attractions on the north end of the strip.

"It would be great to see the streets full of buildings," one tourist said.

Sitting vacant, unfinished and blocked off for nearly a decade, the 63-story tower now has new owners.

The Witkoff Group out of New York and Miami based New Valley LLC were aggressive in obtaining the property. County Commissioner chair Steve Sisolak says it's likely this property sees continued construction.

"Now they're going to move forward with the, my understanding, completion of the project that was a decade ago begun,” Sisolak said.

The sale could bring more development to a barren part of the boulevard with the potential for additional businesses to call home.

"Something different something extra, something more,” visitor Dorota Prokocka said. "Not only normal swimming pools but Maybe some other attractions with water."

Carl Icanhn bought the property in 2010 for $148 million dollars, this after the original developer invested two billion dollars into the property before abandoning it during the recession. Now, it just sold for $600 million dollars.

A billion-dollar price tag is still considered and still needed to finish the property construction.

"I don't know what all exactly going to be involved, I've heard estimates from $1-2 billion to finish it, if you recall, at one point, there was even furniture inside some of those rooms, and it was all taken out, it was sold off,” Sisolak added.

A project that has the potential to breathe new life into this section of the strip has many locals and tourists intrigued.

While the new owners haven’t disclosed their plans with the property, other projects are moving along on the north end of the strip.

Resorts World and the All-Net Arena are making progress daily.


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