Financier Carl Icahn is moving forward with plans to buy the troubled Fontaine- bleau project in Las Vegas by offering $156.2 million in cash and financing at a Jan. 27 bankruptcy court auction. The 737-ft-tall, 4,000-room Fontainebleau, which owes more than $1 billion to its lenders, needs another $1.5 billion to complete construction. There are 342 contractors and subcontractors that are owed an estimated $467 million for work at the stalled job. They have been pressing for the right to take over the project for what they are owed. Lenders, headed by Bank of America, meanwhile charge that the liens
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.