Yesterday, we had further proof that major investments were being made on high rise condo projects on the Las Vegas Strip. Today comes word from the Las Vegas Review Journal that Fountainebleau Resorts has secured $4 billion dollars in financing to complete their $2.9 billion Fountainebleau Las Vegas, currently under construction at the corner of Las Vegas Boulevard and the Riviera. The Bank of America, Merrill Lynch, Deutsche Bank, and Barclays are some of the financial institutions involved in the deal.
I'm thinking analysts at these major institutions probably know a lot more about the potential Las Vegas holds than does the national media, who continue to write articles behind their desks 2000 miles away saying how overvalued Las Vegas is.
The Fountainebleau will be a 63-story mixed use project on 25 acres scheduled to open in the fall of 2009. Included in the project is a 100,000 square foot casino, a performing arts center, retail, restaurants, convention space, and 3,889 condo-hotel units.
Also backing this project is Publishing and Broadcasting, Ltd, controlled by billionaire Vegas-lover James Packer. Packer contributed $250 million in April for a 19.6% stake in Fountainebleau Resorts.
These are all strong numbers. When it comes to listening to the media versus those controlling billions of dollars, I'll go where the money goes!
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