On Tuesday, the casino resort developer, Fontainebleau Las Vegas LLC announced that it has filed for Chapter 11 bankruptcy protection.
This resulted from the company's failure to get a lender to complete $800 Million of funding for the construction of a $2.9 billion property on the Vegas strip. This is not Fontainebleau's first dispute with creditors.In April, it filed a $3 billion lawsuit against several lenders including Band of America, JP Morgan Chase and Deutsche Bank, to pay 3,000 construction workers.
The major Vegas project was set to be completed and open for business by October, but the financial gridlock put a halt to construction. Fontainebleau stated that its main goal is to secure funding to complete this project and work to restructure its current debt. The Miami Beach property is not included in this bankruptcy.
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