JV Secures $2.2B to Finish Las Vegas Hotel and Casino

A partnership between Fountainebleau Development and Koch Real Estate Investments has secured a $2.2-billion construction loan to complete Fontainebleau Las Vegas, the 67-story hotel, gaming, meeting and entertainment destination coming to the north end of the Las Vegas Strip. The financing, which follows the two companies’ joint acquisition of the property in 2021, keeps construction on schedule for the property to debut in the fourth quarter of this year.

Fontainebleau Las Vegas spans 25 acres and 9 million sq. ft. on the northern end of the Las Vegas Strip directly adjacent to the Las Vegas Convention Center, and will feature approximately 3,700 luxury hotel rooms, 550,000 sq. ft. of customizable convention and meeting space and a collection of gaming, dining, retail, lifestyle and health and wellness experiences. Among the others who help fund the venture are JP Morgan, SMBC, Blackstone, Goldman Sachs, Guggenheim and VICI Properties, who came up with a $350 million mezzanine loan.