The Las Vegas Strip, one of the world’s leading nightlife hubs, has received a multi-billion dollar investment.
Shortly after Hard Rock International announced its plans to close The Mirage and funneling billions of dollars into renovations, Fontainebleau Development secured a $2.2 billion construction loan to complete the company’s ambitious, 67-story hotel and casino in Las Vegas. The Fontainebleau project has been in the works for two decades, according to TheStreet.
“This is a milestone for Fontainebleau Las Vegas and stands as a testament to the tremendous dedication of our team and our partners at Koch Real Estate Investments,” said Brett Mufson, President of Fontainebleau Development, in a statement. “We are excited to bring our iconic Fontainebleau brand—timeless beauty, unparalleled service, and innovative design—to the Las Vegas Strip.”
The financing round was executed in partnership with Koch Real Estate Investments. The money will be used to develop approximately 3,700 hotel rooms, 550,000 square feet of convention space and a shopping district as well as several gaming, dining, retail, lifestyle and nightlife options. experience, the Las Vegas Review-Journal reports.
Scroll to Continue
Las Vegas plays a critical role in the electronic dance music space, long serving as a performance hub for the world’s biggest DJs. Nightclubs at Wynn, MGM Grand, Resorts World and many more annually ink residences with these artists, such as Zedd, deadmau5 and Tiësto, among others. It’s likely that Fontainebleau’s owners are throwing their hat into the EDM ring after the resort is finished.