New Vegas Strip casino planned

2007-04-19 14:49:45

Fontainebleau Resorts LLC, the Las Vegas based casino resort developer announced pans on Monday for a new gambling resort on the Las Vegas Strip.

The new 63 story resort, which will cost $2.8 billion to build is planned to open by late 2009, and will be made up of a 100,000 square foot casino, hotel rooms, suites and condominium-hotel units, as well as restaurants, nightclubs and a spa.

Australia's Publishing & Broadcasting Ltd (PBL) has acquired 19.6 per cent of Fontainebleau, investing $250 million into the project.

Commenting on the acquisition, PBL Executive Chairman James Packer said that this "transaction provides PBL Gaming with a first class entrance into the US casino resort market, in particular, the renowned Las Vegas Strip".

Glen Schaeffer, chief executive of Fontainebleau is hoping the resort will blend "what's current and what will endure in contemporary art, striking design, world-caliber architecture, new technology and hip music".

For Mr Schaeffer, the new development is "not about the past, it's about the future".

In addition to the casino development, Fontainebleau will also be undertaking a $500 million renovation of the Fontainebleau Resort hotel in Miami Beach, Florida. The hotel is due to re-open in 2008.


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