Posted on: March 3, 2022, 12:07h.
Last updated on: March 3, 2022, 02:20h.
Fontainebleau Las Vegas is on track to open sometime in the fourth quarter of 2023.
Koch Industries’ real estate investment arm acquired the 67-story towering blue structure a little more than a year ago for an undisclosed price. The acquisition was made in conjunction with Miami real estate developer Jeffrey Soffer’s Fontainebleau Development.
Teneo Hospitality Group, which has been brought in by the new ownership to help with group sales, had the honor of debuting the Fontainebleau Las Vegas renderings. Teneo shared the images of the forthcoming Strip casino complex to its LinkedIn page. A video of the renderings has since made its way to Twitter.
Bonus: Nod to “The Spy Who Loved Me.” More Fontainebleau renderings: https://t.co/NAbaPGG2sk https://t.co/M27yoTLhB3
— Vital Vegas (@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 opportunities for groups of all sizes,” Teneo captioned the social media post.
Aiming at Conventions
Gaming revenue has returned to pre-pandemic levels in Las Vegas. Pent-up demand and many US families being afforded stimulus checks from the federal government have been partially credited for Nevada’s record-setting gaming year experienced in 2021.
Convention business, however, is a far different story. The Las Vegas Convention and Visitors Authority (LVCVA) said 2.2 million people traveled to the destination last year for a convention. That’s just a third of the 2019 convention volume.
Fontainebleau Las Vegas was built with large-scale business meetings and exhibitions in mind. The property has more than half of a million square feet of meeting space, with its primary exhibition room spanning 105,200 square feet.
Teneo is tasked with assisting Fontainebleau in keeping those spaces occupied. Teneo is advertising the resort as a premier convention host. Along with its expansive meeting capabilities, Fontainebleau will offer 3,700 guestrooms.
Fontainebleau Las Vegas is taking the name and brand from the iconic Fontainebleau Miami Beach. The historic integrated resort’s “fb” branding has already gone up on the Las Vegas structure.
Projects for 2022
The LVCVA this week released its annual construction bulletin. The report details ongoing tourism-focused projects in Southern Nevada.
The agency says approximately $4.512 billion is forecast to be invested in the market through 2024. Should all of the listed undertakings be carried out to completion, more than $4.5 billion will result in the addition of 7,602 rooms and 791,000 more square feet of convention space.
Fontainebleau is responsible for the bulk of both components. But since Koch and Fontainebleau Development have not revealed what sort of investment is being made into completing the property, the $4.5 billion overall figure is not inclusive of the Fontainebleau spend.
The MSG Sphere at The Venetian is the costliest project currently under development. The immersive entertainment space is being built at a cost of $1.9 billion.
Despite COVID-19, 2021 saw nearly $4.89 billion in investments come to completion. The year was highlighted by the finishing of Resorts World Las Vegas, which cost $4.3 billion. The resort on the Strip’s northern end opened last June.