Las Vegas casino project gets $2.2 billion construction loan
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The long dormant Fontainebleau building is shown during a ceremony to mark the commencement of development of the property at the north end of the Strip Tuesday, Nov. 9, 2021.
Friday, Dec. 23, 2022 | 10 a.m.
Developers of the Fontainebleau Las Vegas announced today they have secured a $2.2 billion loan to keep construction of the north Strip resort rolling and the opening on track for late next year.
The project is a joint venture between Fontainebleau Development and Koch Real Estate Investments, the real estate investment art of Koch Industries.
“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,” Fontainebleau Development President Brett Mufson said in a statement announcing the construction loan.
“We are eager to bring our iconic Fontainebleau brand – timeless beauty, unparalleled service, and innovative design – to the Las Vegas Strip,” he said.
The 67-story casino-resort is adjacent to the Las Vegas Convention Center and will have about 3,700 luxury hotel rooms and 550,000 square feet of convention and meeting space.
It will also boast “a world-class collection of gaming, dining, retail, lifestyle, and health and wellness experiences,” developers said in a statement.
“Securing $2.2 billion in financing in today’s market speaks to the widespread confidence in this project, and the team that’s come together to bring it to Las Vegas,” Jacob Francis, president of Koch Real Estate Investments, said in a statement.
The resort, which has been in the works for more than a decade and has changed hands multiple times, is scheduled to open in the fourth quarter of 2023.
