Posted on: Mar 3, 2022 12:07 pm.
Last updated on: March 3, 2022, 12:28 pm.
Fontainebleau Las Vegas is slated to open sometime in the fourth quarter of 2023.
Koch Industries’ real estate investment arm acquired the 67-story towering blue building just over a year ago for an undisclosed price. The acquisition was made in partnership with Miami-based real estate developer Jeffrey Soffer’s Fontainebleau Development.
Teneo Hospitality Group, brought in by the new owners to help with the group sale, had the honor of presenting the Fontainebleau Las Vegas renderings. Teneo has shared the images of the upcoming strip casino complex on his LinkedIn page. A video of the renderings has since found its way to Twitter.
— VitalVegas (@VitalVegas) March 3, 2022
“With a prime location at the north end of the Las Vegas Strip, Fontainebleau Las Vegas will be adjacent to the new Las Vegas Convention Center expansion and will have incredible meeting and event space with endless options for groups of all sizes,” Teneo said in a social media post.
Gambling revenue has returned to pre-pandemic levels in Las Vegas. Backlog demand and many U.S. families granted stimulus checks by the federal government have been partially blamed for Nevada’s record-breaking gambling year in 2021.
The convention business, however, is a different story altogether. The Las Vegas Convention and Visitors Authority (LVCVA) said 2.2 million people traveled to the destination for a convention last year. That is only a third of the congress volume in 2019.
Fontainebleau Las Vegas was built for large business meetings and exhibitions. The property has over half a million square feet of meeting space, with the main exhibition space covering 105,200 square feet.
Teneo’s job is to help Fontainebleau keep those spaces occupied. Teneo promotes the resort as a top-notch conference organizer.
Along with its extensive meeting facilities, Fontainebleau will offer 3,700 guest rooms.
Fontainebleau Las Vegas inherits the name and brand from the legendary Fontainebleau Miami Beach. The historic integrated resort’s “fb” branding is pre-applied to the Las Vegas building.
The LVCVA released its annual construction bulletin this week. The report describes ongoing tourism-oriented projects in southern Nevada.
The agency says around $4.512 billion is expected to be invested in the market by 2024. If all of the projects listed are carried through to completion, the more than $4.5 billion will result in an additional 7,602 rooms and 800,000 square feet of convention space.
Fontainebleau is responsible for most of both components. However, because Koch and Fontainebleau Development have not disclosed what type of investments will be made to complete the property, Fontainebleau’s expenditures are not included in the $4.5 billion total.
The MSG Sphere at The Venetian is the most expensive project currently under development. The immersive entertainment space will be built at a cost of $1.9 billion.
Despite COVID-19, nearly $4.89 billion in investments were completed in 2021. The year was highlighted by the completion of Resorts World Las Vegas, which cost $4.3 billion. The resort at the north end of the Strip opened last June.