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Posted At : May 14, 2009 02:01 PM | Posted By : D McKee
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Wall Street,The Strip,Fontainebleau
Lawsuits are flying thick and fast in the sad saga that is Fontainebleau. From terminated construction overseer/auditor CCCS International comes a new set of allegations. If true, they would significantly strengthen the case that F'bleau was in default, as its underwriters contend. CCCS accuses F'bleau of being disorganized and dilatory (sounds like me), as well as engaging in some ledger-demain to the tune of $40 million, partly involving "inappropriate payment methods."
Some of these contentions bolster lenders' claims that F'bleau was behind schedule and over budget. Actually, we'd already been hearing the "behind schedule" rumor here at LVA well before the banks pulled the plug, but it was never more than scuttlebutt. Also, F'bleau spokesman Dave Satterfield's rebuttal goes well beyond the usual, "We believe the allegations are without merit" boilerplate.
If this dead-serious game continues in its present course, the inevitable next step will be for F'bleau to sue CCCS, accusing it of being in cahoots with Deutsche Bank. There's liable to be quite a cat's cradle of charges and countercharges before we see the end of this.
I remember when Fontainebleau was announced sometime in 2005 that the cost would be around $1.5 billion, now its up to $3 billion and probably won't get finished for a while (if it gets finished at all). I love that long party deck out front; it looks like a long yacht from the street. It looks like Mr. Packer has another bad investment on his hands. I love what Glen Schaefer did with Mandalay Bay and I was hoping Fontainebleau would be better than that. Keep up the good work.
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