Fontainebleau Future in Question - 8 News NOW

Fontainebleau Future in Question

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LAS VEGAS -- The Fontainebleau is a beautiful shell. It was supposed to be a high-end resort on the north end of the Las Vegas Strip, but it has been shuttered for four years. A possible settlement in federal bankruptcy court now has many wondering what's next for the troubled property.

The construction stopped on the project in mid-2009. The skyscraper is considered by many to be a big blue eyesore. The Miami Herald reports the parties involved in building the hotel-casino may be reaching a deal.

The Fontainebleau Miami Beach is a vibrant hotel, billed as "a spectacular blend of golden era glamour and modern luxury." It's a far cry from its sister property, Fontainebleau Las Vegas, which has been dead for four years.

"It is definitely an eyesore," Kim Gibson from Dallas said.

When the recession hit, construction came to a screeching halt.

"When I was last here, they were building it," tourist Beau Palmer said.

"It's kind of sorry in a way," said Chris Giunchigliani, Clark County commissioner.

She has been flooded with complaints about the stalled skyscraper.

"I still get calls from people at Sky and at Turnberry who are very frustrated with the empty building," she said.

Giunchigliani reacted to word out of Miami that developers will likely settle with creditors over the Las Vegas Fontainebleau fiasco.

"I'm glad if they do the settlement," she said. "If they're working that off, that actually then helps clean or prepare the road for something to maybe happen there."

Giunchigliani doubts the 68-story doomed development will ever open. It could go away Vegas-style, in a cloud of smoke.

"Absolutely, yes, I would support an implosion," Giunchigliani said.

This symbol of the market meltdown could, one day, go down, unless someone steps up when the luck returns to Las Vegas. For now, billionaire Carl Icahn owns the tower. He bought it three years ago out of bankruptcy. Icahn's secretary took a message from 8 News NOW, but Icahn has not returned our call by news time.

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