The projected casino to hold the Fontainebleau brand to Las Vegas is probably not a dead endeavor in any case. An unnamed lender has emerged at bankruptcy hearings to supply financing to complete the casino resort if banks involved will unfreeze current loans.The judge hearing the bankruptcy, A. Jay Cristol, urged all parties to try to seek out a workable compromise which might allow the project to head forward. He said litigating the problem would finally end up costing everyone hundreds of millions of dollars.
"It can be in everyone's best interest if this matter may well be resolved in a prudent businesslike manner in place of through litigation," said Cristol.
Bank of America and its partners had withheld a $656 million loan to construct the Fontainebleau, deciding that cost overruns and mismanagement had doomed the project. However the mysterious new lender will cover all further financing, consistent with rumors.
Word is that officials connected with Wynn Resorts and Harrah's Entertainment have bothe visited the development site of the gambling venue. While Harrah's is also stretching itself to offer financing with its own situation unresolved, Wynn could also be in position to offer some cash.
Published on June 20, 2009 by VirginiaMaddox
Read More... [Source: Las Vegas Casinos in the News]
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