Tax revisions will allow Steven Witkoff to move quickly to develop Fontainebleau
December 29, 2017 9:54 AM
by Robert Mann
New York-based developer Steven Witkoff has revealed in an interview with Bloomberg News that the nation’s new tax revisions means he will be able to move ahead more quickly with his plans to develop the dormant Fontainebleau property in Las Vegas.
“Now, we’re not going to be patient,” Witkoff said in a phone interview. “We’ve basically pressed the ‘go’ button to do everything necessary to finish design on the project and take down a construction loan.”
Witkoff says he envisions a resort with 4,000 rooms, a casino and restaurants on the property, purchased for $600 million in August, more than seven years after billionaire Carl Icahn bought it out of bankruptcy.
The project will create 6,000 hotel jobs and 5,000 construction jobs, according to Witkoff. The Fontainebleau was about 70 percent complete when work stopped on the north Strip location.