For those keeping score at home, the project is once again Fontainebleau Las Vegas. Interestingly, the project has come full circle as Fontainebleau Development was involved in the original design. The resort again changed hands in 2021 when Witkoff sold the unfinished project to Koch Real Estate Investments in partnership with Fontainebleau Development. Witkoff renamed the project “The Drew” after his late son.
Unfortunately, funding ran dry as a result of the 2008 financial crisis, bringing construction to a grinding halt.ĭuring the depths of the great recession, Carl Icahn stepped up and purchased the stalled Fontainebleau project for a mere $148 million dollars, sold off the furniture, and sat on the property in anticipation of better times.įast forward to 2017 and the stalled resort project was purchased by The Witkoff Group from Carl Ichan for $600 million. Located just north of the former Riviera site, and across the street from Circus Circus, the blue behemoth was originally slated to open as Fontainebleau Las Vegas in 2009. What has been an eyesore remnant of the great recession, Fontainebleau’s partially completed tower has sat watch over the Strip for a decade-plus and hardly qualifies as a “new” casino project.
