Fontainebleau Resorts, a Florida-based resort-hotel company, on Monday, April 16, that it is planning a $2.8 billion casino hotel on the Las Vegas Strip and also secured a key $250 million investment from Publishing and Broadcasting Ltd. (PBL), an Australian company which has recently agreed to buy gambling venues in Canada for $1.2 billion.
The Fontainebleau Las Vegas is scheduled to open in late 2009, with 3,889 rooms, suites and condo-hotel units, and a 100,000 square foot casino. The hotel will also have a spa, nightclubs, convention space and restaurants.
Construction began on the resort in February when the company, whose major owner is Turnberry Associates principal Jeffrey Soffer, broke ground on the 24.5-acre site north of the Riviera hotel-casino. Schaeffer is the former president and chief financial officer of casino company Mandalay Resort Group, which MGM Mirage Inc. purchased in 2005.
PBL's investment gives the company a 19.6 percent stake in Fontainebleau and gives it its first entry into the U.S. gambling market, after the company's foray into the neighboring Canadian market.
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