Friday, May 29, 2009


Ut oh. The Review-Journal is reporting that Glenn Schaeffer, the only top executive involved with the Fontainebleau Las Vegas with any gaming experience, has left the company. The now-ex-CEO also was supposed to lend some of his significant private art collection and vaunted art expertise to the project, I believe, so I wonder what's happened with that, too.

Why do I get the feeling that this place is shaping up to be a financial disaster that will make the $1 billion New Aladdin look like a mild blip? There are problems with this place from every conceivable angle. Their financing is on the rocks, the building itself looks from the outside incredibly intimidating and unwelcoming, they'll never sell those luxury condos and the Turnberry folks have destroyed the property values of their own high-rise residents next door by turning Strip views into views of the back ass of a parking box. And now their gaming-related leadership has bowed out.

And this was the project that seemed solid two months ago when CityCenter was about to drift into the sea. Eek.