The $3.8 billion Fontainebleau Las Vegas passed its final regulatory hurdle Thursday on its way to opening on Dec. 13.
The Nevada Gaming Commission unanimously voted to license the property for opening and granted licenses to key executives, prompting applause from the audience in attendance.
Fontainebleau Las Vegas is a joint development by Koch Real Estate Investments, the real estate investment arm of Koch Industries.
Jeffrey Soffer, CEO and chairman of Fontainebleau Development, thanked Nevada regulators and Clark County for helping bring the project to completion.
“We’re also grateful to the people of Nevada and Las Vegas for their support of our project, as well as our members, who have been working tirelessly to bring Fontainebleau Las Vegas to life. The completion of this project is a testament to dedication, innovation, and our collective belief in creating unparalleled hospitality experiences,” Soffer said.
Soffer was the original developer of the Las Vegas project that broke ground in 2007 before the Great Recession and real estate crash caused the project to go into bankruptcy in 2009. Soffer reacquired the property in 2021.
“It’s been a long time,” Soffer admitted.
Fontainebleau Las Vegas President Mark Tricano told that Fontainebleau is a storied brand. “With a high degree of confidence, the product we will bring to market will make our ownership, team members, the Commission, state of Nevada and our local community proud.”
The Fontainebleau had hired 1,841 people as of three weeks ago, but as of this week it’s just under 5,000, Tricano said. Over the next two weeks, he expects to be closer to 6,500 to prepare for the opening and max out at 7,100.
“One of the keys we’ve seen is entering the marketplace by our culture first. When we launched our recruiting campaign several months ago, all of our efforts were about our team members and member-forward approach,” he said.
Commissioner Ogonna Brown told Tricano that the property looks like a “classy affair” and he responded that it will “surprise the market to the positive side. The building has been there so long that we want to make a splash in the market when we open.”
Commissioner Brian Krolicki said, “This is a saga worthy of a Netflix miniseries. To be weeks away from opening after the journey and ordeal and is heartening. The employment numbers are marvelous.”
To laughter from the audience, Commissioner George Markantonis asked Soffer if it was a relief not to open “prior to this car-race craziness.”
“We have (Formula 1) in Miami,” Soffer responded. “The race is great and they’ve done a good job. I know as locals, though, it might not be the best.”
“We’re all taking the fifth,” Tagliatti said, referring to the months of disruptions and frustrations over preparations for the event.
Soffer said it will get better in the future, noting that it was “messy” in Miami the first year. It’s been in Miami the last two years. “The biggest issue from my experience is the paving that made it a mess,” Soffer said. “Since they put up the barricades, they let the traffic open.”
Fontainebleau is expected to produce $154 million in taxes in its first year of operation. Red Rock Resorts has been contracted to support the property’s sportsbook with bookmaking, risk-management, platform, and advisory services.