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Fountainebleau Settlement Likely

Discussion in 'Casino Industry & Development' started by Busyman, Nov 24, 2013.

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  1. Busyman

    Busyman VIP Whale

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  2. Joe

    Joe VIP Whale

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    I don't know about that tear down. What's said in a courtroom and reality can be two different things. Ican is no dummy. The building shell is enclosed so it hasn't been subject to weather deterioration.

    It will be interesting to see what happens and I totally agree it would help the north end of the Strip if it ever opened. I love/hate that there were 70+ lawyers involved.
     
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  3. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    Just to offer a legal perspective: this settlement, which appears ready to go through, in NO way guarantees that the hotel will be torn down. In fact, the only practical effect of the settlement (as far as the hotel goes) is that it allows the property to pass to Carl Ichan. Whether it is torn down, completed, redeveloped, sold, etc. will then be completely his decision (or his investors).

    I recall when ichan first made the bid on the property, there were stories about the value of the steel in the building frame and that Ichan may sell it for scrap because of that. Scrap metal is definitely not my area of expertise, but I would guess that decision would have a lot to do with the price of scrap metal in the future.

    My complete uneducated guess: he will wait and see what happens with Resorts World across the street. If construction progresses on that project next year, it might increase the value of Ichan's shell
     
  4. UTE

    UTE Plastics

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    Anyone else notice some of the glass skin has been stripped? It's been happening slowly during the past year. It's particularly noticeable on the North side.

    Bill
     
  5. smartone

    smartone VIP Whale

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    I've always felt bad for the folks in the Turnberry Tower directly behind it. They got screwed when the place was built (killed their view... I know, I know all legal) and then double-screwed when everything stopped and now can't even look thru the windows and get a free peep show!
     
  6. leo21

    leo21 VIP Whale

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    I doubt it will ever be finished. First of all, I don't think Icahn wants to finish it. Second, I don't know if anyone else would want to finish either. If he can sell it to a developer, it would probably be a radically different concept. I don't know if F'bleu makes sense in the wake of Cosmo, SLS and Resorts. I think the window is kinda closed on the market niche they were going for.
     
  7. jon95616

    jon95616 Low-Roller

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    Doesn't make sense to tear it down. Icahn will sell it to a new player once Resorts World construction gets going.
     
  8. Nevyn

    Nevyn VIP Whale

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    Yeah, the settlement really has nothing to do with the property. These are developers paying off their bankrupcy, but the property itself was already sold to Icahn who last I heard is sitting on it.

    Won't be torn down until someone raises money to finish it or start something new.
     
  9. Terry Benedict

    Terry Benedict VIP Whale

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    I think when Resort World has a couple years of success Then FBlue wil start to be completed.
     
  10. MikeOPensacola

    MikeOPensacola VIP Whale

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    I watched a 30 minute interview with Carl Ichan today and the subject of the Fountainebleau never even came up. He's got bigger fish to fry so I'm guessing he's waiting to see what happens with the rest of the development of that end of the strip before making any serious decisions.

    :peace: :beer:
     
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