Fontainebleau Resorts is developing Fontainebleau-Las Vegas, a$2.8-billion, 63-story casino project on 24.5 acres on the LasVegas Strip. Also on tap is the $500-million renovation ofFontainebleau-Miami Beach. The local project eyes a fall 2009opening while the Miami Beach-site rehab is set for completion insummer 2008.

Fontainebleau-Las Vegas will feature a 100,000-sf casino and3,889 luxury hotel rooms, suites and condominium-hotel units. Theproject is also tapped to include signature restaurants,nightclubs, a spa and extensive meeting and convention facilities.In Miami Beach, the 16-acre project there includes more than 1,500luxury guest rooms and suites, a 40,000-sf spa, 11 restaurants,nightclubs and lounges and approximately 200,000 sf of meeting andconvention space.

The investment deal between PBL and Fontainebleau is expected toclose next month. For PBL, this investment launches it into the USmarket with a big splash, according to PBL's executive chairmanJames Packer. "This transaction provides PBL Gaming with afirst-class entrance into the US casino resort market, inparticular, the renowned Las Vegas Strip," Packer says in anofficial company statement.