Just a half-year after the Fontainebleau Vegas finally opened its doors in December after two decades of stalled development, developer Jeffrey Soffer plans to acquire five additional acres nearby for $112.5 million, Bloomberg reports.
Fontainebleau made its name with its iconic Miami location, and the man behind its development initially started the brand’s journey west in 2000. Soffer purchased the property that the resort now sits on then, but construction did not begin until 2007.
Fast forward through the 2010s and a handful of ownership changes later, and the luxury hotel and casino resort finally held its grand opening with a star-studded guest list with names like Justin Timberlake, Tom Brady, and Kim Kardashian.
“Almost six months into operations, we are already seeing positive and encouraging results for Fountainebleau Vegas,” Soffer said in a statement. “This acquisition, which is strategically located for future growth, underscores our confidence in the Las Vegas market. We look forward to disclosing more details in the near future.”
The Parcel
The Las Vegas Convention & Visitors Authority (LVCVA) acquired a large parcel of land in 2015 that was once home to the Riviera hotel and casino. The land Soffer is targeting is part of this larger parcel, as some of the additional property was used to expand the city’s convention center.
Whatever Soffer’s Fontainebleau Development builds there, the terms of the sale require construction to mimic the quality of the Resorts World casino resort and other properties in the surrounding area.
The LVCVA is set to consider the new sale in an upcoming meeting on June 11.
Expanding the offering
Fontainebleau Vegas is already a premier destination for casino and sports betting enthusiasts.
Sports bettors can enjoy The Tavern at Fontainebleau, a 14-000 square-foot race and sportsbook with panoramic TV screens, plush seating, and pub favorites for dining. betting odds powered by Red rock Resorts’ technology powers the odds at the betting windows, kiosks, and a mobile app.
The resort features over 3,600 rooms starting at $300 per night with 76 premium suites in tow. Guests can get immersed in 30+ dining experiences and a 150,000 square-foot casino floor.
The property sits on the side of what used to be the old El Ranchero hotel. The new parcel that Soffer hopes to acquire is just south.
“Bringing Fontainebleau Las Vegas to life has been an extraordinary journey,” Soffer told the Associated Press in December. “Opening a resort of this size and scope is a once-in-a-lifetime experience.”
