Carl Icahn suggested he’d redevelop when the time is right
Construction workers have began dismantling a giant crane suspended for five years above the stalled Fontainebleau project on the Las Vegas Strip, reports the Las Vegas Review-Journal.
As with many other massive developments in Sin City, the planned 3,889-room hotel-casino, with a price tag of $3 billion, fell victim to the recession. The original owners went bankrupt, and construction stopped in April 2009, when the building was 70 percent complete.
In early 2010, corporate raider Carl Icahn bought the Fontainebleau out of bankruptcy, paying the bargain-basement price of $150 million. In the past, Icahn has indicated he might redevelop the property when the resort city shows signs of life. The city is experiencing a healthy resurgence, but there’s no word from the billionaire investor of active plans for the 24-acre site.
Meanwhile, another mothballed mega-construction has been revived. Malaysia-based Genting has been given the OK to begin construction on its $4 billion Resorts World Las Vegas project, which will be built on the site of the 87-acre Echelon/Stardust site.