A marquee hospitality and entertainment brand is entering a new casino and legal sports betting market.
Fontainebleau Las Vegas has received licensing approval from the Nevada Gaming Control Board to open the $3.7 billion resort by the end of December, according to the Nevada Independent.
"Everyone is going to be very happy with the product. It's going to bring Las Vegas to another level."
- Jeffrey Soffer, real estate developer
The property, which is owned by real estate developer Jeffrey Soffer, has gained approval from the NGCB following an arduous construction and financing process that began in 2007. The project lost financing in 2009 which sparked changes of ownership. The pandemic further halted the facility’s construction until Soffer repurchased the development in 2021 for an undisclosed amount. Soffer reacquired the property with a new financial partner — Koch Real Estate Investments — in order to finish it.
“Nobody had ever touched it. We had to start over, we made some changes to the property,” said Soffer on Wednesday following the NGCB’s hearing on the matter. “Everyone is going to be very happy with the product. It's going to bring Las Vegas to another level.”
A premier destination
Fontainebleau Las Vegas will be a premier destination for casino and sports betting enthusiasts.
The property, which is located on the north side of the Las Vegas strip, will feature regular 3,644 guest rooms with rates that start at roughly $300 per night. Fontainebleau Las Vegas will also have 76 premium suites that are on its top five floors. The 67-story resort will provide guests with access to a 150,000-square-foot casino. Plans for the property’s casino floor include 1,300 slot machines and 128 table games. It will also have more than 30 restaurant dining options.
Fontainebleau Las Vegas will appeal to sports bettors with a 14,000-square-foot race and sportsbook. Betting odds at the sportsbook will be powered by Red Rock Resorts’ technology.
Fontainebleau Las Vegas is poised to directly compete with other area hotels and resorts due to its parent company’s expertise. If the NGCB finalizes its approval, doors will open Dec. 13.
