LAS VEGAS (AP) — A long-mothballed, unfinished casino-hotel on the Las Vegas Strip has been sold for $600 million.
Property records in Clark County show New York-based real estate company Witkoff bought the Fontainebleau Las Vegas on Tuesday, eight years after construction halted on the $2.9 billion, 3,900-room property.
CEO Steve Witkoff says the company wants to "unlock" the property's growth potential, though he didn't say exactly what the company plans to do with the property.
The sale comes after the nearly completed 63-story tower at the north end of the Las Vegas Strip was bought out of bankruptcy in 2010 for $150 million by business magnate Carl Icahn and his firm, Icahn NV Gaming Acquisition LLC.
The property is near the Circus Circus casino-resort and the Las Vegas Convention Center.