On June 9, the $3.1-billion Fontainebleau Las Vegas, which is about 70% complete, filed for Chapter 11 bankruptcy protection. Construction of the 63-story hotel-casino-retail complex is now halted. Scheduled to open in October, the project is being built by Fontainebleau Resorts LLC, an investment group led by Miami-based developer Jeffery Softer, owner of the Morris Lapidus Fontainebleau hotel in Miami Beach. The bankruptcy filing follows the departure of Glenn Schaeffer, Fontainebleau Resorts' co-founder and top executive, in late May. His position as CEO, president and member of its board of managers remains vacant.
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