Las Vegas Hotel Developer Denied $130 Million In Funds & Cuts Workers

Fontainebleau Las VegasLas Vegas hotel developer funds stopped and reduces construction work force.  Commercial real estate developer of the $3.1 billion Fontainebleau hotel alerted contractors of denied access to some of the $130 million in construction financing.

The constructions funds were expected to be available according to the developer last week.  A separate set of lenders apart from the $800 million pulled from financing a week prior stopped access to funding.

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Fontainebleau Las Vegas Hotel Condo Might Find Difficult To Fund Loan

Fontainebleau Las VegasFontainebleau Las Vegas hotel condo might find it difficult to fund its retail loan.  Condo presales at Fontainebleau were expected to raise between $700 and $900 million before the mortgage crisis earlier this year.

Although, analyst have told investors the $2.9 billion real estate project on the Strip has funding for the proposed hotel opening in late 2009.

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Fontainebleau Las Vegas $2.9 Billion Resort Unfazed By Credit Market

Fontainebleau Las VegasFontainebleau Las Vegas $2.9 billion resort is unfazed by credit market. The Strip real estate development keeps its distance from the construction overruns and credit market crunch similar to Crown Las Vegas, Tropicana and Cosmopolitan Las Vegas condos.

The development has an expected 2009 opening and completely financed.

Condos for sale in Fontainebleau are expected to commence this September. The marketing and promotion of these 1,018 luxury condominiums better be strong or the credit crunch market could take them down the path of its neighbors on the Las Vegas Strip.

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Cannery Casino And Las Vegas NV Hotel Sold For $1.8 Billion To Crown

Cannery CasinoCannery Casino and Las Vegas NV hotel sold for $1.8 billion to Crown Ltd. Crown is a gaming company controlled by James Packer, an Australian billionaire.

The Las Vegas commercial real estate transaction will take approximately a year and a half for the Pennsylvania and Nevada regulators to approve the total acquisition of the Cannery Casino Resort.

As land in Las Vegas, NV increases, gaming assets become more valuable. With the strength of outside international investors, including Dubai World and Crown, will provide them with easy entry to the domestic gaming market in Las Vegas real estate.

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Fontainebleau Resorts Sells 20% Of Fontainebleau To Australian Casino

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Fontainebleau Las Vegas Condos and Resort is selling Australia’s largest gaming operator 20 percent of Fontainebleau real estate on the Strip. The $2.8 bilion Las Vegas resort will be located on the north end of the most famous street in the world.

Fontaineblau Las Vegas condos will be developed by the Fontainebleau Resorts. This luxury Las Vegas hotel casino will be 63 storys, 3,889 suites, hotel rooms and condo hotel units with a 100,000 square foot casino.

James Packer, controller of Publishing & Broadcasting Ltd., will spend $250 million to purchase about 20 percent of the Fontainebleau Resorts LLC, based in Las Vegas.

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