Pulitzer Prize winning journalist Alexandra Berzon, in her new gig as a WSJ reporter, has a story up on WSJ.com discussing the Fontainebleau project on the North Las Vegas Strip.
The story examines one of the most looming issues for FBleau - there are potential bidders but the place will need $1.2 to $2.0 billion in work before it can welcome any guests - the numbers just don't pencil out.
That location, without all of the other projects that are now delayed or shelved, combined with the collapse of the condo market, means that the project is worth a mere fraction of what it would have been.
Prospective buyer Penn National Gaming may be ready to submit a bid - and it may be as low as $300 million.
We'll see how this all shakes out.
http://online.wsj.com/article/SB10001424052748704882404574465874047672190.html (Subscription Required)
I can't really imagine a scenario in which the project is imploded for a re-do - even at close to zero, it seems it would be cheaper to buy this and finish it... right?