Operator News

US – Former Fontainebleau owner teams up to buy back unfinished casino

By Phil - 12 February 2021

The former Fontainebleau, the unfinished, towering casino project on the south side of Las Vegas Boulevard, has been bought back by a partnership including its former owner

Florida developer Jeffrey Soffer, part of the group involved in the building of the 75 per cent finished, 60-plus-story resort, has teamed up with Koch Real Estate Investments to buy what became the Drew Las Vegas.

The project which began in the mid 2000s was declared bankrupt in 2009 after the recession. Developer Steve Witkoff bought the project but shelved after the disruption caused by the global pandemic.

Koch Real Estate Investments, an affiliate of Koch Industries, confirmed the acquisition of a to-be-completed Las Vegas resort located at 2777 South Las Vegas Boulevard. The deal is in partnership with Fontainebleau Development.

Koch and its experienced partners provide the unique ability to combine patient, long-term capital with best-in-class operations. Together, the companies have a shared interest in the recovery and growth of Las Vegas and the hospitality industry as a whole. With Las Vegas’s tourism recovery underway, the city has safely reopened to millions of visitors since June with even more success on the horizon.

“We believe strongly in the Las Vegas market and see the property as a great opportunity to contribute to the long-term success and positive trajectory of this vibrant and innovative region,” says Jake Francis, President of Koch Real Estate Investments. “We are excited about the partnership and look forward to working together as the project evolves.”