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After filing for bankruptcy last June, the Fontainebleau, casino and luxury hotel, in Las Vegas is seeing an active interest in the assets of their property.
Penn National is currently in negotiations with creditors to take over the halted development project.
Fontainebleau lenders conducted an outside analysis of the project last spring to find the development to be worth $1.76 billion upon completion in May 2010, far less than the projected development cost.
Rich Moriarty, an analyst from the casino consulting firm, Union Gaming Corp thinks it is to early to see how it pencils out for the Fontainebleau.
In hopes of successful negotiation Penn National has offered to provide $25 to $30 million of debtor-in-possession financing toward cost incurred during the bankruptcy. Penn is currently in talks with potential lenders and other interested parties trying to lower the anticipated cost to finish construction of the project.
Penn National, currently operates 12 casinos throughout the United States and Canada, however the Fontainebleau would be their first in Las Vegas.
It is expected that Penn will start the bidding low at well under $300 million.
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