Big Project Update: 3 Las Vegas Venues to Watch

Here's the latest on three buzzed-about big projects and developments in town.

1. The nearly $4 billion Cosmopolitan hotel, condo, and casino project—already two years behind schedule—had recently slated to open in the first quarter of this year. Now it looks like the opening will come closer to the end of 2010, with a date so far unspecified. (Homebuyers have filed three lawsuits against the project because of the delays, and in November, Deutsche Bank, the resort's owner since it foreclosed on developer Ian Bruce Eichner, was requiring 24-hour pumps and containment walls after workers hit an aquifer below the desert floor, according to Bloomberg.) Although some details are changeable, the project is likely to include access to a rooftop beach club, plus dining, nightlife, and gaming. Look for lots of convention and meeting space.

2. Over the past month, Lake Las Vegas has undergone several big changes, including closure announcements from the Ritz-Carlton and Casino MonteLago . However business operations and events at the Village Lake Las Vegas, a separate entity from the others, will not be affected. “It’s sad to see the two operators go, but the Village is alive and well,” said Village commercial manager Maurice Talley. “We’re resilient and optimistic that the closure of Ritz-Carlton is only temporary and another announcement will be made in the very near future regarding that property. The Village drives its own traffic with events and entertainment and is going to continue to do so.” Seventeen miles from Las Vegas, the Village houses more than 30 shopping and dining options and is currently at 91 percent occupancy. MonteLago Village Resort provides two lodging options within the village and nearby waterfront area, as well as two meeting facilities and a larger events center within the village.

3. The 3,800-room Fontainebleau Las Vegas Resort, near the northern end of the Strip, still stands at about two-thirds complete. Carl Icahn took ownership of the property in February, paying its bankrupt owner about $105 million in cash. The Fontainebleau filed for bankruptcy protection last June after lenders cut off access to nearly $800 million in construction funds. So far, the project has already cost $2 billion. Construction has been stalled since last spring, when lenders stopped funding it. About $1 billion would be needed to complete the project, though Icahn has indicated he isn't planning to restart construction in the foreseeable future, according to The Wall Street Journal.

Page 1 of 61
Next Page