Fontainebleau Bets $112.5M on 5 More Las Vegas Strip Acres

The proprietor and creator of the Fontainebleau Las Vegas intends to broaden its presence. Jeffrey Soffer is looking to purchase 5 more acres, located immediately south of his casino resort on the Strip, for $112.5 million. 

The Las Vegas Convention & Visitors Authority (LVCVA) is set to decide on the sale's approval at its upcoming meeting on Tuesday. 

“Almost six months into operations, we are already seeing positive and encouraging results for Fontainebleau Las Vegas,” Soffer, the casino resort’s chair and CEO, said in a statement issued Friday. “This acquisition, which is strategically located for future growth, underscores our confidence in the Las Vegas market.”

Soffer's intentions for the property remain unclear, although he stated he "eagerly anticipates sharing additional information soon." 

The package is a portion of 26 acres where the Riviera Hotel & Casino functioned from 1955 to 2015. 

The LVCVA acquired the property that year for $182.5 million, then demolished the Rat Pack-era resort in 2016. It constructed new convention facilities on its 16 easternmost acres and subsequently listed the remaining 10 for sale in 2019. 

Three years later, the LVCVA sanctioned the sale of the property for $125 million to a partnership established by two developers, Brett Torino from Las Vegas and Paul Kanavos from New York. 

According to the LVCVA meeting agenda, the partnership known as 65SLVB will sell the 5 acres to Soffer. 

 

Almost Bleau It 

The Fontainebleau, a 67-story structure with a blue hue, began construction in February 2007. That was such a long time ago; the Frontier was still functioning across the street. The owners, headed by Soffer, intended to launch it as a sister establishment to their Miami resort in October 2009. 

For 16 years, the tallest occupied building in Nevada stayed empty instead. The project underwent changes in ownership and names, faced bankruptcy, experienced interruptions in construction, and then resumed and paused again before Soffer obtained the nearly completed building back, partnering with Koch Real Estate Investments for $650 million. 

The Fontainebleau debuted on December 13, 2023, with a party full of celebrities.