Fontainebleau Las Vegas
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The north end of the Las Vegas Strip just got dealt another big blow — and so did Marriott Bonvoy members hoping to burn points in Sin City. Marriott has decided to pull out of the seemingly neverending Fontainebleau project, according to the Las Vegas Review-Journal, meaning the Strip’s first JW Marriott and the Las Vegas Edition won’t see the light of day.

Since the project broke ground in 2007, the currently empty Fontainebleau tower (a behemoth building with more than 60 floors) has faced a series of setbacks, starting with the 2008 financial crisis. It’s also had a handful of different owners over the years, including billionaire Carl Ichan who purchased the development from its original developer, Jeffrey Soffer of Florida-based Fontainebleau Development, for about $150 million.

Source: https://thepointsguy.com/news/jw-marriott-fontainebleau-las-vegas/

Could the Fontainebleu be up for another resort project?

Looks like there might be some movement on The Drew with new investors.

The Drew, Las Vegas is now sharing 2023 as their opening date. No mention recently of its financial issues and this video interview with the team is very positive about the project and ongoing construction.

Today we go behind the scenes with the team creating The Drew Las Vegas, one of the most exciting projects happening in the hotel business today. The Drew will be a 3,700 room-ish casino gaming resorts in Las Vegas opening 2023. Here's the scoop on what to expect when it debuts!

Image source: https://www.yogonet.com/international/noticias/2020/03/20/52693-drew-las-vegas-halts-construction-resorts-world-continues

Contractors involved in the construction of the Drew Las Vegas say they’re owed more than $36 million in unpaid bills by developer the Witkoff Group, according to the Las Vegas Review-Journal.

The Witkoff Group halted construction in March of the $3 billion redevelopment of the project, formerly known as the Fontainebleau, as the coronavirus pandemic forced the shutdown of businesses in Las Vegas.

In early June, Business Korea claimed that a group of South Korean investors in the project — including automotive manufacturer Hyundai and the country’s state-owned casino, Kwangon Land — were missing principal and interest payments on investments totaling $490 million.

Source: https://www.casino.org/news/drew-las-vegas-contractors-claim-theyre-owed-36-million/

Construction on The Drew was meant to kick off fully in March but has obviously been delayed by Coronavirus. There has been some construction up until that point so you can see progress coming along but this is going to put a big dent in the budget and construction timeline.