The Fontainebleau Las Vegas Casino Resort has finally started the process of hiring staff in preparation for its opening. This is happening 18 years after the new strip casino was first planned. The casino property, a 67-story blue building, has been a constant reminder of the recession in 2008. The casino resort has suffered repeated financial problems, issues with construction, and changes in ownership.
Fontainebleau Ownership
Currently, Fontainebleau Las Vegas is owned by Koch Real Estate Investments (KREI). The firm bought the strip property back in 2021 for an undisclosed sum. Construction of the property was initially halted in 2008 due to the recession, and it remained an eyesore for years.
KREI secured the last funding required to finish construction, totaling around $2.2 billion. The final funding has been bankrolled by several institutions, which includes JPMorgan Chase, Goldman Sachs, SMBC, Guggenheim Partners, Blackstone Real Estate Debt Strategies, and VICI Properties, a real estate investment trust that is controlled by Caesars Entertainment.
More Backstory on Fontainebleau
After KREI bought Fontainebleau Las Vegas, they also brought back Fontainebleau Development and Jeffery Soffer. Soffer’s father, Donald, was the original founder of a firm called Turnberry Associates back in 1967. Turnberry became the owner of the Fontainebleau Miami Beach property in 2005, buying it for $165 million.
Then, Turnberry wanted to bring the Fontainebleau name to Las Vegas and envisioned the new property. Construction began and was progressing until the 2008 recession. Turnberry landed declaring bankruptcy in June 2009, seven months after the Fontainebleau Las Vegas hotel tower was topped off.
Fontainebleau Las Vegas Hiring
In preparation for opening and welcoming its first guests, Fontainebleau Las Vegas officially opened its hiring portal earlier this week. The recruitment portal offers interested parties all the information they need to apply.
The company has not indicated how many positions they are looking to hire. But if we look at Resorts World Las Vegas, which opened in June 2021 and is the newest casino resort to open in Las Vegas, there were 6000 employees hired for opening.
Read More about Fontainebleau Las Vegas’ Troubled Construction
