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Author: [Las Vegas] Topic: The 68-Story Eyesore
promark12 send a private message View Space | Friends | Playbook |
promark12
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#1
Posted: 9/30/2012 9:48:13 AM

Directly accross from Circus Circus sits the unfinished 68-story Fountainbleu.  The building is only 70% complete and is a relic of a different time.  It was to be the "finest" establishment in Las Vegas; the hotel of the future. But a wrecking ball, called the recession, did it in.

It hasn't been worked on since 2009.  The property has changed hands as nobody quite knows what to do with it.  Finishing it and opening it may be the worst option as there just aren't enough high-end customers to go around anymore.

http://en.wikipedia.org/wiki/Fontainebleau_Resort_Las_Vegas

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nc1capper send a private message View Space | Blog | Friends | Playbook |
nc1capper
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#2
Posted: 9/30/2012 8:41:59 PM
68 story's  S that thing really that tall, no big worries, just a reminder of days since past
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ShadowWarrior send a private message View Space | Blog | Friends | Playbook |
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#3
Posted: 10/1/2012 12:38:30 PM
Was that the one owned by the Boyd  group?  Kinda where the old Stardust was?  Maybe I am thinking of another hotel.  I know the Lady Luck seems to be sitting unused also.  It is the sign of the hard times.
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promark12 send a private message View Space | Friends | Playbook |
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#4
Posted: 10/4/2012 10:30:12 AM

I believe you're talking about "Echelon Place".  There's an unfinished 10-story building there (they were just getting started when they ran out of funds).  From what I understand, they have the project ON HOLD until the economy improves.  They have even attempted to "beautify" the site.  This is a good website on Echelon Place:

http://www.vegastodayandtomorrow.com/echelon_place.htm

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arizona0714 send a private message View Space | Friends | Playbook |
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#5
Posted: 10/9/2012 5:05:24 PM

Corporate raider and financier Carl Icahn who until 2008 controlled major casino/resort operator American Casino & Entertainment Properties offered US$156 million in cash and financing, outbidding Penn National Gaming for control of the Fontainebleau.[12] Icahn's bid includes a US$51 million debtor-in-possession loan, which, until the resort is auctioned, will provide funding to stabilize the building, cover employees' salaries, cover previous costs and eliminate the need for the resort to ask the bankruptcy court each week to borrow and spend money. Penn National dropped out of the bidding after going as high as US$145 million; they had offered US$101.5 million in cash and loans.

As of November 2009, the cost to complete the resort is an estimated US$1 to 1.5 billion.[4] On December 29, 2009, PLANTworldwide Chairman Brett Plant announced that the he would contribute US$500 million to ease the bankruptcy predictions and by doing so increasing his stake in the hotel.

On February 18, 2010, Carl Icahn assumed part-ownership of the project without an auction by being the only qualified bidder, paying US$150 million.

In October 2010, owner Carl Icahn auctioned off the furnishings previously intended for the building. For example, the Plaza Hotel & Casino in Downtown Las Vegas bought rugs, furniture and mattresses from the sale and is using them in a refurbishment that was completed in late 2011. Future plans for the hotel project have not yet been disclosed to the public.[13]

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