Several Fontainebleau Las Vegas subcontractors, including two Fortune 500 construction companies, said Thursday they've organized and are stepping up efforts to find financing and gaming partners to complete the project.
The developer of the stalled Fontainebleau resort on the Las Vegas Strip plans to appeal two key legal rulings in its lawsuit against banks over their decision to stop funding for the bankrupt project.
A group of Fontainebleau subcontractors has lost part two of a two-part effort to move the casino resort bankruptcy case from Miami to Las Vegas. Bankruptcy Judge A. Jay Cristol in Miami filed an order Monday denying a motion by the contractors.
During the next month, the wrecked economy is going to deliver an important public safety benefit: Las Vegas Valley fire fighters are getting a chance to train for one of the city’s worst nightmares, a high-rise hotel fire. And they’ll be doing in it in a real but unfinished high rise, the stalled Fontainebleau.
An executive experienced in financial restructurings was appointed Friday as the examiner in the Fontainebleau Las Vegas bankruptcy case. The U.S. Trustee for Miami's bankruptcy court appointed as examiner Jeff Truitt.
As developers of the bankrupt Fontainebleau Las Vegas resort attempt to sell the unfinished project, the company continues to trim its staff and most recently revealed the departure of its top local executive.
The Fontainebleau Las Vegas bankruptcy judge today said he's decided to appoint an examiner to supervise the sale of the property. The judge encouraged Fontainebleau to continue sales talks with Penn National Gaming.
The Fontainebleau Las Vegas bankruptcy judge is pushing for a quick sale of the stalled, partially-completed $2.9 billion casino resort on the Las Vegas Strip. The judge ordered Fontainebleau attorneys to appear at a hearing next Wednesday.
A key group of lenders to the stalled Fontainebleau resort has lost confidence that the $2.9 billion project can be revived through the Chapter 11 bankruptcy process, and moved Friday that the project be converted to a Chapter 7 liquidation.
Penn National Gaming is one of the parties interested in buying the stalled Fontainebleau Las Vegas resort, Reuters and the Wall Street Journal reported today. But analysts are skeptical a deal will happen anytime soon.
The bankrupt Fontainebleau Las Vegas casino-resort development has quietly dropped its allegation that Deutsche Bank has been working to undermine Fontainebleau in order to protect the bank's interest in a competing hotel-casino.
At least one unidentified potential buyer is negotiating to take over the bankrupt Fontainebleau hotel-casino development. But significant hurdles remain for the resort to be sold and its construction completed. But significant hurdles remain for the resort to be sold and its construction completed, including difficulties a buyer may have in obtaining financing. Stung by substantial losses on Las Vegas casino and real estate deals, banks and investors have been wary about investing in Las Vegas during the recession -- especially with a growing over-supply of hotel rooms on and around the Las Vegas Strip.
With the Las Vegas Fontainebleau resort bankruptcy case seemingly stalled, a group of contractors is seeking permission to pursue construction lien claims in state court in Nevada -- outside of the bankruptcy process. The contractors, in a court filing Friday, said they want to get started protecting their lien claims in state court in part because those claims are under attack by lenders in the bankruptcy court.
The bankrupt Fontainebleau resort suffered a legal defeat Wednesday when a judge ruled in favor of banks it is suing on a key legal question. He ruled the banks, not Fontainebleau, are correct in their interpretation of a key lending contract.
Progress is being made in court-ordered mediation aimed at settling disputes and lining up new financing so construction can resume on the big Fontainebleau casino-resort in Las Vegas. That's according to a report issued Friday to a federal judge in Miami who is overseeing a lawsuit filed by Fontainebleau against big bank lenders that this spring halted $656 million in planned funding for the $2.9 billion resort.
