After Las Vegas' Mirage Closes, Fontainebleau Secures $2.2 Billion Investment
The Las Vegas Strip, one of the world’s leading nightlife hubs, is receiving a multi-billion dollar investment.
Shortly after Hard Rock International announced its plans to shutter The Mirage and funnel billions of dollars into renovations, Fontainebleau Development has secured a $2.2 billion construction loan in order to complete the company’s ambitious, 67-story hotel and casino in Las Vegas. The Fontainebleau project has been in the works for two decades, according to TheStreet.
“This is a milestone for Fontainebleau Las Vegas and stands as a testament to the tremendous dedication of our team and our partners at Koch Real Estate Investments,” said Brett Mufson, President of Fontainebleau Development, in a statement. “We are eager to bring our iconic Fontainebleau brand—timeless beauty, unparalleled service, and innovative design—to the Las Vegas Strip.”
The funding round was executed in partnership with Koch Real Estate Investments. The money will be used to develop approximately 3,700 hotel rooms, 550,000 square feet of convention space and a shopping district as well as a slew of gaming, dining, retail, lifestyle and nightlife experiences, the Las Vegas Review-Journal reports.
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Las Vegas plays a critical role in the electronic dance music space, long serving as a performance hub for the biggest DJs in the world. Nightclubs at the Wynn, MGM Grand, Resorts World and more annually ink residences with these artists, such as Zedd, deadmau5 and Tiësto, among others. It’s likely that Fontainebleau’s proprietors throw their hat into the EDM ring upon the resort’s completion.