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Fountainbleau/Drew Has New Owners

Discussion in 'Casino Industry & Development' started by Sonya, Feb 12, 2021.

  1. Sonya

    Sonya Queen of VMB

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    It's time to move this discussion to this new thread as now things have changed a bit.

    Koch Industries Teams with an Original Developer to Purchase The Drew:
    https://www.reviewjournal.com/business/casinos-gaming/koch-industries-teams-with-developer-to-buy-drew-on-las-vegas-strip-2278674/

    What do we think? Will this place happen?
     
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  2. JoJoR

    JoJoR VIP Whale

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    My thoughts, I think the place should be demoed. The place is massive, it would probably cost a few billion to "finish off", and and it seems like a tall order for a company to take this project on, especially with today's market conditions. Location is tough, hopefully Resorts World will bring more traffic down that way. I feel like at the cost it would take take to finish off the Drew, you could buy a casino like Bally's, raze it, and build something a bit more centrally located albeit smaller.
     
  3. Michael Smith

    Michael Smith VIP Whale

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    The Kochs don't do anything that isn't potentially profit making—they may be the shrewdest corporation in the nation (now ranked number one for privately held companies). Also, they can play the long game with this property—immediate profits are not necessary.
     
    Del Mar, Saratoga, baby!
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  4. dankyone

    dankyone VIP Whale

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    Agreed, they are deep pocketed enough to sit on that beast for a while if necessary until market conditions improve.
     
    Seven Stars Signature Golf Event, Reno
  5. 44inarow

    44inarow VIP Whale

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    Only been 16 years so far, what's another decade?
     
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  6. addicted

    addicted High-Roller

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    I must be one of the few that thinks it's a beautiful building. I would like to see the finished product
     
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  7. pirviii

    pirviii Low-Roller

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    I'd like to see it finished at some point to give more of a boost to the North Strip area. I'm hoping Resort World will liven things up after Covid.
     
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  8. JonPesto

    JonPesto Tourist

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    I personally think this does have a shot if you consider how old the upscale properties on the strip south of City Center are. I’m not saying by any means the south is going to fail with TMobile Arena and Allegiant Stadium, but based on the Bellagio renovation it doesn’t seem MGM is going to sink a substantial amount of money into refurbs. I think Resort World is going to be pretty successful with three unique hotel offerings ranging from upscale to opulent and a known brand operating the casino. Fountainbleau depending on what the plan is hotel and casino affiliation wise isn’t in a horrible position.
     
  9. vegasvstr

    vegasvstr VIP Whale

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    Definitely hope they finish with something.
    Though I hope they do something to make the exterior less boring. I saw some original specs mentioned LEDs.
     
  10. Guy_

    Guy_ VIP Whale

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    Hopefully they change the name....
    Anything but "The Drew"
     
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  11. addicted

    addicted High-Roller

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    Yes, the drew is unimaginably boring. Happy to hear they're working with the original developer
     
  12. bubbakitty

    bubbakitty Doing retirement again and happily so....

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    How about The Nancy.....? Mystery to me....:)
     
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  13. 44inarow

    44inarow VIP Whale

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    Or the Hardy...
    Oh, don't get me wrong, I absolutely hope it gets finished. But it's been sitting in the sun for well over a decade, and was stripped for parts by Carl Icahn. I'm hopeful, but not optimistic. I do think that RW opening will help out on the north end, because there's a lot of empty space out there. But they couldn't even get it done in a good economy. I cannot imagine bringing that many rooms online in the near future.

    I'll respectfully disagree on needing new development on the south Strip. I cannot stand Excalibur (though have a soft spot for Baja Fresh), but there's absolutely a market for it. One of the things that makes Vegas great, in my opinion, is the diversity of potential experiences. There's The Mansion at MGM, and Circus Circus, and lots in between, both geographically and level of luxury.
     
  14. Publius

    Publius Living the Dream

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    I can see it being completed, one of the original owners is part of the team with Koch and maybe he wants to finish the project he helped start, 16(!) years ago.
     
  15. Sonya

    Sonya Queen of VMB

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    Howard Stutz had an opinion piece this weekend about The Drew/Fontainebleau project:

    Unfinished Fontainebleau-Drew Project Is Not a Solution to Strip Troubles:
    https://www.cdcgamingreports.com/commentaries/unfinished-fontainebleau-drew-project-is-not-a-solution-to-the-las-vegas-strips-troubles/

     
  16. donfairplay

    donfairplay High-Roller

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    "The Shell"

    Too meta? So long as they don't name it after the last name of the owners...
     
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  17. WichitaMuskie

    WichitaMuskie VIP Whale

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    I work at Koch (obviously in a distant relative of KREI) and somehow did not hear about this until yesterday. I'm just hoping there will be an employee discount if it ever opens! :)
     
  18. Six easy

    Six easy Tourist

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    Koch gambling hall....I like it
     
  19. SprintGravy

    SprintGravy Low-Roller

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    I mean it's position right next to the convention center expansion is prime real estate especially as that end of the strip gets revitalized from Resorts world. I hope it gets finished since outside of Resorts World, we haven't had a new casino on the strip since city center (I ain't counting Park MGM). I think every 10 years is an ok clip to get new casinos
     
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  20. Tonyfromjersey

    Tonyfromjersey High-Roller

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    I will reiterate what someone else said. The “ Drew “ may be the absolute worst name for a casino ever. I also think “ Fontainebleau is pretty shitty. Hell I’d rather see it called the Clams casino then either one of those.