Another lavish multibillion-dollar Las Vegas Strip resort project has suffered a recession-related setback: On June 9, the $3.1-billion Fontainebleau Las Vegas, which is about 70% complete, filed for Chapter 11 bankruptcy protection. Construction of the 63-story hotel-casino-retail complex is now halted. Photo: Luetta Callaway/ENR Mega-project’s craft workforce dropped from 3,300 to 250 in recent months. Scheduled to open in October, the project is being built by Fontainebleau Resorts LLC, an investment group led by Miami-based developer Jeffery Soffer, who also owns the famed Morris Lapidus Fontainebleau hotel in Miami Beach. It so far has invested over $2 billion in the
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.