Fontainebleau Las Vegas Developers Fight ‘Vulture Investors’ Lawsuit
From Vegas Inc.
Fontainebleau Las Vegas Developers Fight ‘Vulture Investors’ Lawsuit
Heavy hitters in the worldwide casino and real estate industries have flooded a Nevada court with legal briefs denying they’re responsible for the failure of the $2.9 billion Fontainebleau Las Vegas casino resort development.
Construction on Fontainebleau was halted in the summer of 2009, and its initial developer, Fontainebleau Las Vegas, filed for bankruptcy after banks halted funding for what had been envisioned as a $2.9 billion, 3,815-room resort.
The project was hurt by declining revenue projections because of the recession, an associated lack of condominium sales and cost overruns. Click here for the full story.
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