Fontainebleau Resorts Sells 20% Of Fontainebleau To Australian Casino
Fontainebleau Las Vegas Condos and Resort is selling Australia’s largest gaming operator 20 percent of Fontainebleau real estate on the Strip. The $2.8 bilion Las Vegas resort will be located on the north end of the most famous street in the world.
Fontaineblau Las Vegas condos will be developed by the Fontainebleau Resorts. This luxury Las Vegas hotel casino will be 63 storys, 3,889 suites, hotel rooms and condo hotel units with a 100,000 square foot casino.
James Packer, controller of Publishing & Broadcasting Ltd., will spend $250 million to purchase about 20 percent of the Fontainebleau Resorts LLC, based in Las Vegas.
In addition to the Las Vegas resort property the company is spending $500 million to upgrade the Miami Beach Fontainebleau.
Although a formal groundbreaking hasn’t happened real estate site development has taken place with an expected opening in fall of 2009.
Turnberry group of companies, principal owner Jeffrey Soffer, is also the majority owner and chairman of Fontainebleau Resorts founded 2005. Glenn Schaeffer, former president of Mandalay Resort Group, is Fontainebleau’s chief executive officer.
PBL, operates and owns two casinos in Australia, Burswood International Resort and Casino in Perth and Crown Entertainment Complex in Melbourne.
They are also building the City of Dreams and the Crown Macau and gaming resorts located in Macau.
PBL has a market capitalization of more than $11 billion.
This move will give PBL Gaming a foray into the very lucrative U.S. casino resort market. Source: LV Review Journal
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Fontainebleau Resorts sells 20 percent of Fontainebleau Las Vegas real estate to Australian company.