Fontainebleau Las Vegas celebrates first birthday
Since Fontainebleau Las Vegas’ global debut one year ago on December 13, 2023, the 67-story luxury resort has been busy trying to establish itself as one of the Strip’s premier destinations for world-class entertainment, nightlife, and dining.
In its first year, Fontainebleau Las Vegas has certainly set a benchmark for excellence, garnering prestigious accolades such as TIME Magazine’s World’s Greatest Places 2024, Esquire’s The 41 Best New Hotels in North America and Europe 2024, Condé Nast Traveler’s The Best New Hotels in the United States: 2024 Hot List, and Travel & Leisure’s The 100 Best New Hotels of the Year.
“From the beginning, our goal was to bring something truly transformative to Las Vegas and the global hospitality industry,” says Fontainebleau Development Chairman and Chief Executive Officer Jeffrey Soffer. “We are deeply grateful and humbled by the warm reception that Fontainebleau Las Vegas has received from our guests and the community. This anniversary is made possible by every member of the Fontainebleau family, as well as the incredible partners that have been with us throughout this journey.”
Since opening its doors, Fontainebleau Las Vegas has continued to establish itself as a leader in the culinary scene with 36 first-to-market restaurant, bars, and lounges. Throughout 2024, the Los Angeles Times named Don’s Prime and Chyna Club as must-dine destinations, while Esquire highlighted lobby bar Collins as one of the 42 Best Bars in America. Additionally, the resort raised the standard for entertainment, nightlife and daylife experiences with LIV and LIV Beach exclusively bringing some of the world’s most sought after talent including Dom Dolla, John Summit, Calvin Harris and more.
“Every success and milestone achieved this first year is credited to the dedication and passion of our MEMBERS, who create extraordinary experiences for our guests every day,” says Fontainebleau Las Vegas President Maurice Wooden. “Their hard work and commitment have been at the heart of everything we have achieved, and we are looking forward to even greater success in the years to come.”
Fontainebleau Las Vegas has also elevated the guest experience with its luxury retail offerings only found at the resort, with the addition of renowned brands such as Boucheron, Maison Alaïa, alexanderwang, Missoni and Giuseppe Zanotti and continues to showcase a curated selection of high-end retailers, including Bottega Veneta, Gucci, and Chrome Hearts.
The resort has had the opportunity to participate in historic and iconic citywide events such as Super Bowl LVIII, World’s 50 Best, FORMULA 1 HEINEKEN SILVER LAS VEGAS GRAND PRIX, the National Finals Rodeo, and so much more, solidifying the brand’s impact in Las Vegas and beyond. Additionally, the resort debuted its own, iconic experiences and activations the launch of the Oasis Pool Deck and Oasis Ice Rink, spanning across six acres of world-class luxury and amenities providing an elevated and grand guest experience year-round.
Behind the scenes though, the luxury is a bit more chaotic. Just a month into its operational existence, Fontainebleau Las Vegas lost three key executives with Chief Operating Officer (COO) Colleen Birch and Chief Marketing Officer (CMO) Shane Smith leaving along with Vice President of Casino Operations Michael Clifford on December 30.
The number crunching has also been somewhat absent with financials on GGR being hard to find. According to sources back in May, The Fontainebleau was losing approximately $400,000 a day even before accounting for the interest on its more than $2bn debt. This debt includes $350m owed to VICI Properties and $500m to Blackstone. To just break even, Fontainebleau needs to generate $4m in daily revenue. However, current figures indicate a net revenue of only $2.1m per day, while daily outgoings reach $2.44m, resulting in a daily loss of $340,000.
