more feedsFontainebleau Saved by Icahn
Well, it looks like Carl Icahn's measly $156.2 million bid for the Fontainebleau will win the foreclosed property (as reported in the Las Vegas Sun on Tuesday), since the other bidders failed to meet the Monday deadline. Icahn has deep enough pockets ($9 billion deep) to finish the project.
There is a big "however" attached to this deal - It is doubtful that Icahn will complete the project with the same vision as the original developers. According to an earlier LV Sun article, Icahn could finish the project on the cheap, replacing the planned high $$ restaurants with middle class chains like Cheesecake Factory and Outback Steakhouse - an overall dumbing-down of the resort. Or, he could sit on it and wait out the economy.
The dumbing-down option might be the best choice (I hate to say). I mean lets face it, one of the biggest complaints I hear is that the Strip is becoming unaffordable for the average visitor (like the Crystals (look but don't touch) mall at CityCenter). So a brand new affordable resort might just be the ticket. After all, look at the current neighborhood - Circus Schmirkus, Sahara, Riviera, and the Ruins of Echelon. Is this really a place and time for a Five Star property?
Icahn purchased the Stratosphere and saved it in1989.1998
I'm expecting a lot of comments on this one...
There is a big "however" attached to this deal - It is doubtful that Icahn will complete the project with the same vision as the original developers. According to an earlier LV Sun article, Icahn could finish the project on the cheap, replacing the planned high $$ restaurants with middle class chains like Cheesecake Factory and Outback Steakhouse - an overall dumbing-down of the resort. Or, he could sit on it and wait out the economy.
The dumbing-down option might be the best choice (I hate to say). I mean lets face it, one of the biggest complaints I hear is that the Strip is becoming unaffordable for the average visitor (like the Crystals (look but don't touch) mall at CityCenter). So a brand new affordable resort might just be the ticket. After all, look at the current neighborhood - Circus Schmirkus, Sahara, Riviera, and the Ruins of Echelon. Is this really a place and time for a Five Star property?
Icahn purchased the Stratosphere and saved it in
I'm expecting a lot of comments on this one...
Posted by Mark Adams at 1/20/2010 12:35 AM 
Categories: Vegas Project Updates, Vegas News
Tags: fontainebleau news
Categories: Vegas Project Updates, Vegas News
Tags: fontainebleau news
Affordable restuarants would be a great idea. Even chains. Hopefully something a little better than Outback though.
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You are dead-on about the neighborhood there--it is kind of like downtown-South. Even a 4-star resort would be a vast improvement. Ummm...you mentioned Icahn saved the Stratosphere in 1989? Didn't the place open in 1995?
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I have to agree with you, when we stayed at Aria we could not eat at a single place without spending $50 for two. The Crystals is a graveyard though, since only about 1/8 of it is open.
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I would think the lower priced, more middle-class shops and restaurants could be the key. The north strip has generally catered to the lower end of the spectrum, and it would be nice to see a new casino buck the 'more is better' trend that is common lately in Las Vegas.
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Yep, that's a typo, it's fixed now, thanks
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That is an astoundingly low price Icahn paid for the Font...considering that over 2 billion has already been spent on construction. Assuming he spends the estimated 1.5 billion to complete it, the finished resort will be one smokin-good deal (economy pending, of course).
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This property was already the least exciting thing being built in Vegas. I see enough places like Cheesecake Factory and Outback just driving around my own city.
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I think put in Fontainebleau now is the worst idea back when it just started yes. Remember it came at the end the boom.My point is that yes some resorts failed because of money. Put in things that are not expensive stores and restaurants. Thats what they are doing. Good for them. Getting out of business for high end restaurants like CityCenter( soon they will ).
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the point of Vegas is to see and do things you can't do at home.
So far FB is not showing me a reason to leave center strip to go up north and visit it. outback and cheesecake won't do it for me either.
I would have visited the previous version of FB.
If CityCenter or Wynn has average restaurants would you visit them?
I agree that the north strip caters to the low ballers. Is there money in a stepped up low-mid baller joint?
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I think the answer is a balancing act between the high end shops, restaurants and what the average person, like myself, can afford.There's no reason why we can't have both.Economic times determine the survivability of a structure and if they can't avail themselves of both sides of the coin, they won't survive in the long run.
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I have been say this on other blogs for a few years. Vegas needs another mid priced hotel. Look at the last few builds..Wynn, Encore, Palazzo, New tower at CP..
He may need a free outside attraction to get people down there (like to sirens, volcano etc)..or a very good show \ theatre..
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I think some good Mid-Priced places to eat would be kind of welcome.. We normally stay 5 nights and one or two nights you just want to grab something good for a reasonable price. One night of a "regular" dinner means more money for other fun stuff.
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I kinda agree that Vegas has too many first class hotels. There are just so many people able to spend the big bucks right now. I think the saving grace will be to win back the family vacations to the middle of the road properties and let the Five Diamond hotels handle the high rollers.
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Maybe if they got another water park in town? Wet 'n Wild was in that area and is really missed now. We have hot days and families would probably love to spend time with the kids keeping cooled off.
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A new ater park would be excellent - even if it was incorporated into a hotel.
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I totally agree, that whole section needs to be for the affordable crowd, and fun type attractions, water park, rides, miniature golf, shows, family oriented stuff and cheap yet trendy good eating. The casino should open up a more modern MALL type food court, the ones that are popping up all over with quality food and theme to match the whole resort.
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