Industry Watchers See Potential for Vegas Strip’s Fontainebleau

It was MGM Resorts International Chairman and CEO Jim Murren who jump-started the most recent conversations about Fontainebleau, the 68-story blue glass monolith that has long been the Strip’s reminder of the economic damage caused by the Great Recession.

In the middle of reporting the company’s quarterly earnings in July, according to a story in Las Vegas Review-Journal, Murren pivoted and told analysts that he had heard that the second-tallest structure in Las Vegas that cost an estimated $2.8 billion to build was about to be sold.

He assured those listening to the call that MGM wasn’t the buyer, but the transaction could mean good things for his company, which operates the nearby Circus Circus property and holds 26 acres at Las Vegas Boulevard and Sahara Avenue that has been used as a music festival site.

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