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Las Vegas’ Fontainebleau is experiencing some hard times as it stops construction on its $2.9 billion resort and cancels meetings and conventions scheduled for 2010.
Fontainebleau requested permission to cancel the meetings and conventions in a Miami bankruptcy court, according to Las Vegas Sun. The company also requested permission to cancel employment contracts with employees who left the company after last month’s bankruptcy filing.
The meetings that Fontainebleau wishes to cancel were for events from January 1 through June 29, 2010. The Consumer Electronics Association and the International Council of Shopping Centers were among the groups that typically use the resort for conventions and associated meetings.
A Fontainebleau spokesman said there are events booked after June 2010, but the company is not disclosing them for competitive reasons, according to Las Vegas Sun.
"We fully expect Fontainebleau Las Vegas to be completed so that it can accommodate meetings and conventions. The timing of that opening will depend in large part on the timing of renewed financing," Fontainebleau said in a statement, according to Las Vegas Sun.
The Las Vegas Convention and Visitors Authority and big hotel and convention center operators in Las Vegas have said that they would work to accommodate any meetings and reservations for the resort that need to be canceled.
The office space contract was signed in 2008 with a sister company to Fontainebleau, Turnberry/Centra Sub LLC, owner of the Town Square retail and office development at Las Vegas Boulevard.
With the casino resort stalled, Fontainebleau says it no longer needs the office space, which would have cost it $53,023 per month for the first year. The monthly payments then would have increased annually by about $2,300 per month through the end of the lease in April 2014, Fontainebleau said, according to Las Vegas Sun.