Fountainebleau Las Vegas Withdraws Deutsche Bank Allegation
Fountainebleau Resort under construction on the Las Vegas strip has dropped allegations against the Deutsche Bank for conflict if interest. Deutsche Bank owns a competing Las Vegas hotel, Cosmopolitan at CityCenter.
The 70% complete resort complex on the Las Vegas strip is rumored to have a potential buyer for the property even though problems have plagued the project since revolver lenders did not make good on their agreement to provide final stage funding needed to complete the resort. The lawsuit against the revolver lenders will go to trial.
Project developer and Miami businessman, Jeffrey Soffer, runs the three companies controlling the project - Fontainebleau Las Vegas, Fontainebleau Holdings LLC and Fontainebleau Las Vegas Capital Corp. A 63-story tower overlooks the $3 billion, 3.4 million square feet of resort space. Construction stopped last spring and the project filed for Chapter 11 Bankruptcy protection last June.
