The long delayed Fontainebleau casino-hotel on the Las Vegas Strip has a new name and a new scheduled opening date.
The new owners of the mothballed property in America’s gambling hub will call the facility The Drew Las Vegas and are eyeing a 2020 opening. The casino-hotel comes via a partnership between Marriott International and New York-based real estate firm Witkoff. Investment firm New Valley, based out of Florida, is another owner.
The original Fontainebleau project, coming in at a cost of $2.9 billion, was announced in 2005. Construction kicked off in February 2007, but later the Great Recession struck, slashing gaming revenues for Las Vegas. The project was put to a halt in 2009.
Billionaire investor Carl Icahn was the previous owner. He acquired it through its bankruptcy for $148 million in 2010. He sold it last year for $600 million.
The casino-hotel, to be equipped with about 4,000 hotel rooms and an unspecified gaming floor, sits on a site formerly occupied by the El Rancho Hotel and Casino and the Algiers Hotel.
“2755 Las Vegas Boulevard South is one of the best physical assets in the country, which is one of the reasons we were attracted to it,” Steve Witkoff, Chairman and Chief Executive Officer of Witkoff, said in a statement last year. “The resort is ideally located on the Las Vegas Strip, directly across from the Las Vegas Convention Center.”