Fontainebleau Las Vegas' bills, future costs peg value at "about zero"

10/13/2009 | Las Vegas Sun

Subcontractors on the unfinished Fontainebleau Les Vegas casino and hotel are still owed $375 million, although they might accept less if Penn National Gaming said work would continue. Fontainebleau attorney Scott Baena indicated that Penn National was expected to offer "substantially less" than $300 million to acquire the property, about 15 cents on the dollar. Penn National's chief financial officer, Bill Clifford, has said that because of the funds needed to finish the building, its relative worth is "about zero."

View Full Article in:

Las Vegas Sun

Published in Brief: