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Vegas Resort Cuts Construction Jobs
Fontainebleau Suing Banks To Recover Financing
POSTED: 8:31 am PDT May 19,
2009
UPDATED: 9:15 am PDT May 19,
2009
LAS VEGAS -- The Fontainebleau Resort, currently being built on the Las Vegas Strip, has eliminated nearly 25 percent of its construction workforce.A company representative told FOX5 the layoffs were necessary following the loss of financing when a group of banks pulled out of the project. The banks, which included Bank of America and JP Morgan Chase, said Fontainebleau had defaulted on a loan.Fontainebleau sued in an effort to recover $770 million in financing. The company has not said how the layoffs would affect its construction timetable.
Previous Stories:
- May 12, 2009: Fontainebleau: Bank Has Conflict Of Interest
- April 30, 2009: Hundreds Laid Off At Fontainebleau
- April 24, 2009: Fontainebleau Says It Will Not Stop Construction
- April 24, 2009: Money Trouble Could Doom Vegas Resort
- April 23, 2009: Fontainebleau Sues Banks
- August 6, 2007: Fontainebleau Suspends Construction After Mishap
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