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Call A Plumber, The Fontainebleau Up

By Chuckmonster on Thursday, 23rd April 2009 7:50pm
  » filed under Ooops?  comments: 2

   

Fontainebleau has filed a $3B lawsuit against banks who have broken their promise to lend the project $800m smackers. Without the cash, Fontainebleau won't float, and there is little chance to secure more loot from the well.

Bank of America and JPMorgan Chase told Fontainebleau to beat it on April 20th - a friggin' holiday!

More from the Seattle PI via our friend Oskar Garcia at the AP.



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Comments & Discussion:

I like what you did.

This is going to blow up into a major problem for LV. The banks are probably going to win, since there was almost certainly a requirement that a number of condos be presold and construction costs contained. The FB in Miami just opened last year and is already in bankruptcy.

My prediction is this ends up in bankruptcy with the banks (or a distressed debt investor like Icahn or Colony) taking over. I can even envision Boyd or Crown getting involved. It will eventually get finished, but the opening will be delayed until late 2010. This property could be in trouble for years; although the long-term prospects (5-10 years) are pretty good.



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