The newest giant casino resort on the Las Vegas Strip could be getting even bigger in the near future.
Fontainebleau Las Vegas CEO Jeffrey Soffer revealed this week that the resort is looking to spend $115 million on a currently vacant five-acre plot of land adjacent to the casino site.
The land is currently owned by the Las Vegas Convention and Visitors Authority (LVCVA). The city regulator is set to vote on the sale of the land this week.
It previously was home to the Riviera casino hotel between 1955 and 2015. The once-popular casino was on its last legs when the LVCVA bought the site in 2015, closed the casino, and demolished it to make way for its expanded convention center.
However, in the end, the land ended up not being used, and has sat vacant for the last decade. But apparently not for much longer.
“Almost six months into operations, we are already seeing positive and encouraging results for Fontainebleau Las Vegas. This acquisition, which is strategically located for future growth, underscores our confidence in the Las Vegas market. We look forward to disclosing more details in the near future,” Fontainebleau Chairman and CEO Soffer said in a statement.
The Purchase
Property developer 65SLVB has been in discussion with the LVCVA to purchase the site and the five acres adjacent to it for several years. However, it is expected they will acquiesce to Fontainebleau’s purchase, as it will expedite their plans for the second five-acre lot.
Part of the delay has been the lack of word on exactly what 65SLVB wants to build on the site, which still remains unknown, as does what kind of expansion Fontainebleau has in store. Whatever it wants to do with the five acres, any plans to add to the footprint of the Las Vegas Strip’s newest large casino resort within a year of opening is a bold move.
That’s especially after the $3.7 billion venue has faced plenty of bad press since it opened in December 2023 after decades of delays.
That includes a costly legal battle with rival Wynn Resorts over employee poaching allegations, being snubbed for an overnight stay by headline opening night performer Justin Timberlake, and drastically downgrading it’s initially very generous casino rewards program.
It also owes $2.2 billion to various investors who stepped in to save the development from purgatory and help it finally open. That includes global financial heavyweights Koch Industries, Blackstone, Goldman Sachs, and J.P. Morgan.
However, Soffer’s statement showed Fontainebleau will be revealing more about the development in the coming weeks or months.
David is an online casino expert who specializes in online slots and boasts over 10 years experience writing about iGaming. He has written for a wide range of notable publications, including eSports Insider and WordPlay Magazine.
David graduated Derby University with a BA Degree in English Literature and Creative Writing.
