A deal is on the table for an as-yet-unnamed entrepreneur to acquire the mothballed Fontainebleau casino project on the Las Vegas Strip, and the property could be sold by the end of the summer, according to a brokerage firm handling its sale.
Speaking to the Las Vegas Review-Journal, John Knott, executive vice president of CBRE Las Vegas, said: “There’s still some work that has to be done, but there’s a real deal on the table for sure and they have started their due diligence. We’re hopeful it gets done and have something to announce soon. These are real players who have spent a lot of time on the deal, and if their efforts go for naught, it’s very expensive.”
CBRE Las Vegas, which listed the Strip property in November for American business magnate, Carl Icahn.
While Knott remained tight-lipped regarding the identity of the prospective buyer, he said the bidder was an entrepreneur who had an established presence in the gaming industry.
“The buyer who’s taking the lead on this is an entrepreneur but to be able to be successful, we required him to go through certain hurdles to demonstrate they have the financial capacity,” Knott told the Las Vegas Review-Journal.
“That means a money partner supporting them and that has evolved in the last two months. He has a capital partner. He has a gaming partner, and he has a hotel partner.”