Dressers, chairs and night stands once destined for the Las Vegas Strip have been moved to a casino near the California-Nevada border after its owners bought the furnishings from billionaire Carl Icahn.
Furnishings sold from the shuttered Fontainebleau Las Vegas project are now in Buffalo Bill's, a casino-hotel along Interstate 15 in Primm. Even some of the carpeting intended for the Fontainebleau has been installed in the corridors of the 1,242-room hotel at Buffalo Bill's.
The furniture cost about $1.5 million, part of a nearly $3 million remodeling of Buffalo Bill's, according to the Las Vegas Review-Journal.
The casino about 40 miles southwest of Las Vegas shut down last month to remodel guest rooms, add a Denny's Restaurant and introduce an energy efficiency program. It reopened Dec. 23.
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Showing posts with label Fontainebleau. Show all posts
Showing posts with label Fontainebleau. Show all posts
Thursday, December 30, 2010
Sunday, August 8, 2010
Las Vegas Fontainebleau to sit idle until economy improves
Three pieces of news emerged today about the massive, unfinished Fontainebleau casino resort on the Las Vegas Strip:
--Investor Carl Icahn, who bought Fontainebleau out of bankruptcy in February, confirmed that there are no immediate plans to restart construction on the resort.
--Despite talk that he may sell the property, Icahn indicated he plans to hold on to the asset until business conditions improve.
--Icahn has already gained -- on paper -- a $52 million profit on the property.
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--Investor Carl Icahn, who bought Fontainebleau out of bankruptcy in February, confirmed that there are no immediate plans to restart construction on the resort.
--Despite talk that he may sell the property, Icahn indicated he plans to hold on to the asset until business conditions improve.
--Icahn has already gained -- on paper -- a $52 million profit on the property.
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Saturday, July 31, 2010
Kerzner takes control of Reef Condo Hotel
By Eric Hertha
Kerzner International has bought out its’ JV partner in the Reef condo-hotel project at Atlantis, Paradise Island. Kerzner’s partner in the $200 million project was Turnberry Associates.
Turnberry Associates, of south Florida, is a real estate firm involved in shopping centers and hotels. See related stories (http://www.hospitalitybusinessnews.com/search/label/Fontainebleau) . Turnberry’s 2 Fontainebleau sites have been under financial pressure of late with the Fontainebleu Las Vegas filing for bankruptcy protection in 2009.
Both Kerzner and Turnberry have used investments from Dubai World to fund projects. It is not known if Dubai’s financial problems have lead to this or if it is a result of the down real estate market in Florida and Las Vegas.
Ed Fields, Kerzner International (Bahamas) spokesman said “ I can confirm we have purchased Turnberry’s share of the joint venture at the reef. The reason we did it is because we see it as an excellent investment opportunity.”
Kerzner International has bought out its’ JV partner in the Reef condo-hotel project at Atlantis, Paradise Island. Kerzner’s partner in the $200 million project was Turnberry Associates.
Turnberry Associates, of south Florida, is a real estate firm involved in shopping centers and hotels. See related stories (http://www.hospitalitybusinessnews.com/search/label/Fontainebleau) . Turnberry’s 2 Fontainebleau sites have been under financial pressure of late with the Fontainebleu Las Vegas filing for bankruptcy protection in 2009.
Both Kerzner and Turnberry have used investments from Dubai World to fund projects. It is not known if Dubai’s financial problems have lead to this or if it is a result of the down real estate market in Florida and Las Vegas.
Ed Fields, Kerzner International (Bahamas) spokesman said “ I can confirm we have purchased Turnberry’s share of the joint venture at the reef. The reason we did it is because we see it as an excellent investment opportunity.”
Tuesday, June 22, 2010
$1.2 billion in Fontainebleau construction permits pulled
Some $1.2 billion in construction permits were pulled for the idled Fontainebleau casino resort on the Las Vegas Strip this month — but no one is saying if that means construction will actually resume anytime soon.
Clark County Development Services, the county office that tracks the issuance of building permits, reported last week that a company that acquired the Fontainebleau property on the Strip pulled 47 permits for projects at the development’s 2777 Las Vegas Blvd. South address.
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Clark County Development Services, the county office that tracks the issuance of building permits, reported last week that a company that acquired the Fontainebleau property on the Strip pulled 47 permits for projects at the development’s 2777 Las Vegas Blvd. South address.
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Thursday, March 18, 2010
Fontainebleau Miami Said to Offer Restructuring Plan
March 17 (Bloomberg) -- Fontainebleau Miami Beach owners Dubai World and Jeffrey Soffer, chief executive officer of Turnberry Ltd., offered the resort’s lenders a debt- restructuring plan that includes $100 million of new equity, according to three people with knowledge of the talks.
The Fontainebleau, which served as a backdrop for the “Scarface” and “Goldfinger” movies, borrowed more than $620 million to help fund renovations and hasn’t made loan payments since September, said the people, who asked not to be named because the talks are private. Dubai World, half-owner of the resort, is leading negotiations with lenders, the people said.
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The Fontainebleau, which served as a backdrop for the “Scarface” and “Goldfinger” movies, borrowed more than $620 million to help fund renovations and hasn’t made loan payments since September, said the people, who asked not to be named because the talks are private. Dubai World, half-owner of the resort, is leading negotiations with lenders, the people said.
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Saturday, February 13, 2010
Lehman Brothers sues to enforce a $168 million loan guarantee on the bankrupt Fontainebleau Las Vegas
Lehman Brothers wants South Florida developer Jeffrey Soffer to cover a $168 million loan he personally guaranteed for the failed Fontainebleau Las Vegas casino.
The federal suit filed Thursday sets up a long-awaited showdown between Soffer and creditors of the Vegas project, which was sold for pennies on the dollar in bankruptcy court last month. Soffer partially blamed the Vegas venture's downfall on Lehman, the lender whose collapse in 2008 helped spark the global financial crisis.
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The federal suit filed Thursday sets up a long-awaited showdown between Soffer and creditors of the Vegas project, which was sold for pennies on the dollar in bankruptcy court last month. Soffer partially blamed the Vegas venture's downfall on Lehman, the lender whose collapse in 2008 helped spark the global financial crisis.
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Thursday, January 28, 2010
Carl Icahn scoops up Fontainebleau Vegas project
Billionaire Carl Icahn will pay 8 cents on the dollar for the bankrupt Fontainebleau Las Vegas, a project with a $2 billion construction tab. The response from developer Jeff Soffer: The financial world turned on me.
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Wednesday, January 20, 2010
Icahn set to win Fontainebleau Las Vegas as rivals disqualified
Carl Icahn is poised to take over the bankrupt and unfinished Fontainebleau Las Vegas casino resort after two competing bidders were ruled unqualified.
Icahn Nevada Gaming Acquisition LLC made the only qualified bid, an attorney for the bankruptcy examiner said in court papers in Miami. Thursday's auction was canceled, according to the papers. A hearing on the sale is set for Jan. 27.
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Icahn Nevada Gaming Acquisition LLC made the only qualified bid, an attorney for the bankruptcy examiner said in court papers in Miami. Thursday's auction was canceled, according to the papers. A hearing on the sale is set for Jan. 27.
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Monday, January 11, 2010
Deadline for Las Vegas Fontainebleau bids set for Friday
Bids are due Friday from companies and individuals wanting to buy the bankrupt Fontainebleau casino-resort development project on the Las Vegas Strip.
Parties desiring to take over the 70-percent-complete, 3,815-room resort will have to offer more than the $156.2 million currently offered by "stalking horse bidder" and investment veteran Carl Icahn.
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Note: Investopedia explains Stalking-Horse Bid
This method allows the distressed company to avoid low bids on its assets. Once the stalking horse has made its bid, other potential buyers may submit competing bids for the bankrupt company's assets. In essence, the stalking horse sets the bar so that other bidders can't low-ball the purchase price.
Parties desiring to take over the 70-percent-complete, 3,815-room resort will have to offer more than the $156.2 million currently offered by "stalking horse bidder" and investment veteran Carl Icahn.
Read more:
Note: Investopedia explains Stalking-Horse Bid
This method allows the distressed company to avoid low bids on its assets. Once the stalking horse has made its bid, other potential buyers may submit competing bids for the bankrupt company's assets. In essence, the stalking horse sets the bar so that other bidders can't low-ball the purchase price.
Tuesday, December 29, 2009
Can Lady Gaga Save The Fontainebleau in Miami?
Admit it. 2010 was all about Lady Gaga and it seems only fitting that her New Year's Eve concert at Miami's Fontainebleau Resort is officially the hottest New Year's Eve party in America, according to NewYearsEve.com. Page Six reports:
Gaga, who's said to be getting about $300,000 for the show, has already sold north of $1 million in tickets on the site. Andrew Fox, the site's founder, tells us there are only a few $25,000 tables left and some general admission seats at $425. "I'm in awe of the fact that Lady Gaga will make the Fontainebleau the hottest ticket in America on New Year's Eve," he said.
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Gaga, who's said to be getting about $300,000 for the show, has already sold north of $1 million in tickets on the site. Andrew Fox, the site's founder, tells us there are only a few $25,000 tables left and some general admission seats at $425. "I'm in awe of the fact that Lady Gaga will make the Fontainebleau the hottest ticket in America on New Year's Eve," he said.
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Sunday, December 6, 2009
Another potential suitor for the bankrupt Fontainebleau Las Vegas
A potential new suitor for the bankrupt Fontainebleau Las Vegas sent a letter to U.S. Bankruptcy Judge A. Jay Cristol expressing a ``preliminary, non-binding indication of interest'' in acquiring the partially built 63-story casino resort project for $350 million.
In the Nov. 30 letter, Eugene Hill, chief executive of Craig Road Development Corp. in Las Vegas, said his company and ``certain investors'' are in discussions with the U.S. Army about acquiring a resort for military personnel and veterans.
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In the Nov. 30 letter, Eugene Hill, chief executive of Craig Road Development Corp. in Las Vegas, said his company and ``certain investors'' are in discussions with the U.S. Army about acquiring a resort for military personnel and veterans.
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Tuesday, December 1, 2009
Fontainebleau Las Vegas retailers part of auction
The auction for the resort and retail portions of Fontainebleau Las Vegas will be consolidated, but not the bankruptcies.
Attorney Scott Baena, who is representing the entities developing the more than $2 billion Fontainebleau Las Vegas, filed for Chapter 11 reorganization last week on behalf of the three retail subsidiaries. The request was submitted as part of Carl Icahn’s $156 million stalking-horse bid for the entire project, which was under construction, but has stalled
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Attorney Scott Baena, who is representing the entities developing the more than $2 billion Fontainebleau Las Vegas, filed for Chapter 11 reorganization last week on behalf of the three retail subsidiaries. The request was submitted as part of Carl Icahn’s $156 million stalking-horse bid for the entire project, which was under construction, but has stalled
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Tuesday, November 24, 2009
Icahn outbids Penn Nat’l to open Fontainebleau auction
LAS VEGAS - Billionaire investor Carl Icahn has offered a higher sum than Penn National Gaming Inc. to open bidding at a bankruptcy auction for the unfinished Fontainebleau Las Vegas casino-resort on the Las Vegas Strip.
A clerk in Miami for U.S. Bankruptcy Court Judge A. Jay Cristol says Icahn offered $105 million Monday to buy the project from debtors plus $51.5 million in funding to resume construction, which already has cost more than $2 billion.
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A clerk in Miami for U.S. Bankruptcy Court Judge A. Jay Cristol says Icahn offered $105 million Monday to buy the project from debtors plus $51.5 million in funding to resume construction, which already has cost more than $2 billion.
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Wednesday, November 18, 2009
Famed Fontainebleau Miami Beach in Debt Trouble
Times are tough out there financially and even the beloved and famous landmark Fontainebleau Miami Beach now faces an uncertain future amid debt problems
Just 12 short months ago the Fontainebleau Miami Beach's $650 million makeover was drawing A-list celebrities. Today the posh hotel is in debt to contractors who say they are still owed money to the tune of $60 million. Developer Jeffrey Soffer owns half of the hotel venture along with Dubai's investment group, backed by the government, which owns the other half. The group invested $375 million and is now exercising the option to possibly file for Chapter 11
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Just 12 short months ago the Fontainebleau Miami Beach's $650 million makeover was drawing A-list celebrities. Today the posh hotel is in debt to contractors who say they are still owed money to the tune of $60 million. Developer Jeffrey Soffer owns half of the hotel venture along with Dubai's investment group, backed by the government, which owns the other half. The group invested $375 million and is now exercising the option to possibly file for Chapter 11
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Penn National Aims to Buy Fontainebleau Las Vegas
Penn National Gaming Inc. has offered $50 million for the unfinished Fontainebleau Las Vegas casino-resort on the Las Vegas Strip.
Penn said in a regulatory filing Tuesday that it agreed to buy the project from debtors and its offer will serve as the opening bid at a bankruptcy auction.
The resort was initially forecast to cost $3 billion to build and was about 70 percent complete when developers filed for Chapter 11 bankruptcy protection in June.
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Penn said in a regulatory filing Tuesday that it agreed to buy the project from debtors and its offer will serve as the opening bid at a bankruptcy auction.
The resort was initially forecast to cost $3 billion to build and was about 70 percent complete when developers filed for Chapter 11 bankruptcy protection in June.
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Friday, October 16, 2009
Fontainebleau president among execs leaving project
As developers of the bankrupt Fontainebleau Las Vegas resort attempt to sell the unfinished project, the company continues to trim its staff and most recently revealed the departure of its top local executive.
Audrey Oswell, president and chief operating officer of Fontainebleau Las Vegas and a longtime gaming executive, is among seven executives who have seen their employment contracts terminated since May 15, Fontainebleau said in court papers Thursday.
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Audrey Oswell, president and chief operating officer of Fontainebleau Las Vegas and a longtime gaming executive, is among seven executives who have seen their employment contracts terminated since May 15, Fontainebleau said in court papers Thursday.
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Tuesday, October 13, 2009
Unpaid bills may deter a bid for Las Vegas Fontainebleau
The bills amount to more than likely offer; Penn National exec says building worth ‘about zero’
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Monday, October 12, 2009
Las Vegas Fontainebleau a symbol of bad timing
Of all the buildings under construction nationwide left unfinished because of the recession, the Fontainebleau Las Vegas resort, which analysts say may be nation’s largest and most expensive stalled construction job, might be the poster child for badly timed development.
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Friday, October 9, 2009
Fontainebleau Las Vegas developer Jeffrey Soffer removed himself from negotiations
Bankruptcy Judge A. Jay Cristol was skeptical of Soffer's move, saying ``nobody is going to believe he's not running the show.'' Over Fontainebleau objections, Cristol said he would name an outsider to monitor negotiations for the unfinished condo-hotel and casino. The maneuvers come as Fontainebleau lawyers say they're days away from concluding a deal to auction off the project, which would cost an estimated $1.5 billion to finish.
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Tuesday, October 6, 2009
Casino firm could buy bankrupt Fontainebleau Las Vegas
Pennsylvania casino company would bid less than $300 million for the bankrupt Fontainebleau Las Vegas, which has spent about $2 billion in development funds. Penn Gaming's deal should be official next week.
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