Las Vegas Fontainebleau Could Be Built By Lenders
The Fontainebleau, one of the newest casino resorts being built on the Las Vegas Strip, could be finished by one of its lenders. Its owners filed Chap. 11 on the 3,815-room resort, which will likely cost $3 billion when finished, Any new owner purchasing the property will be expected to shell out $1.5 billion to finish the resort before it could even begin operation — and in this economic climate, that would mean a foreclosure auction with few, if any buyers, looking for a steal. Jeffrey Soffer, a Miami businessman and the casino’s developer, said he wants to put more capital into the bankrupt project, according to court documents. Other third-party investors, rumored to be Apollo Global Management LLC and Penn National Gaming, have expressed interest in…
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