The abandoned Fontainebleau Resort in Las Vegas is likely to receive the required attention soon after the resort’s owner business mogul Carl Icahn announce that he has real plans for the shuttered gaming facility.
The facility which according to the owner is a perfect reminder of what is called Great Recession sits unfinished for seven years now.
Until date, nothing has been achieved from the unfinished project that was supposed to give Icahn real money online casino gambling sites quite a fortune.
On Monday, the gambling tycoon applied for permission from the authorities in Clark County asking them to grant him a permit to cover the project. So far, the license officially issued, and the covering work is scheduled to commence in 6 months. Planet Hollywood Launches A New Video Gaming Machine.
Big Project In Ruins
Fontainebleau Resort, which is known to be second in all tallest buildings in Las Vegas has remained desolate for close to 7 years now after Carl Icahn filed for bankruptcy in 2009.
At that time, Carl had used over $2 billion, and the construction work was nearing its end. It said that he lacked $1 billion to complete the project, which by the time he went bankrupt, the resort was more than 70% complete.
Because he ran short the needed funds, Carl had to close the site until now. Although Carl is not bankrupt now, there no elaborate plans that the resort, with 3,889 rooms will be open to the public soon.
Before Fontainebleau came into existence, which has never realized so far, the site was the ideal location of El Rancho Hotel that closed down in 1992. The hotel demolished eight years later.
Icahn’s blue and white wrapping of the resort is his first attempt to do something on this shuttered property is a period of close to 8 years now.
During his announcement on Monday after he was awarded the permit, Icahn said that his original wrapping would involve a section of the building, three floors of the club at the cost of $500,000.
Up For Grabs
When bought the property in 2010, he was not in the casino industry. Whatever he wanted to do with the property that he used $150 million to own is nobody knows. All that is known is that shortly after he made the purchase, Carl placed the Fontainebleau Resort for sale at a whopping price tag of $650 million.
He has confirmed that he does not desire to continue with the construction.
The truth is that any new owner should be prepared to use approximately $1.5 billion for construction on top of the buying price.