X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LAS VEGAS-The Washington, DC-based Union Labor Life Insurance Co., a partner in the Fontainebleau Las Vegas project, could be a potential source of additional funds to complete the $3 billion resort, now that Fontainbleau Las Vegas LLC has filed for bankruptcy. According to a report in the Las Vegas Business Press, “Fontainebleau’s sudden bankruptcy filing last week could give developers some breathing room in securing additional financing from current partners such as Ullico.”

As reported on GlobeSt.com recently, work at the construction site has shifted from construction to asset preservation recently. The latest news suggests that could change if the resort’s developers gain access to more cash to complete the development.

The project is involved both in the bankruptcy proceedings and in a lawsuit in which Fontainbleu is suing the Bank of America, for holding back $800 million in previously committed financing meant to fund the completion and opening of the resort. The bankruptcy and the lawsuit are being heard by the same judge.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.