LAS VEGAS (FOX5) -- Koch Industries said it's buying The Drew, a long-stalled resort and casino on the Las Vegas Strip.
Koch Industries will partner with Fontainebleau Development, the developer of the property before the project went bankrupt. The Drew is about 75% complete, according to Koch representatives.
The resort was originally named Fountainebleau Las Vegas before real estate mogul Steven Witkoff bought the property in 2017, and renamed it to the Drew.
No other information has been provided about the future plans for the property.
"We're currently evaluating all of our options and looking forward to being part of the advancement of the world-class Las Vegas entertainment industry," Brett Mufson, president of Fontainebleau Development, said in an emailed statement to Bloomberg.
"We believe strongly in the Las Vegas market and see the property as a great opportunity to contribute to the long-term success and positive trajectory of this vibrant and innovative region," Jake Francis, President of Koch Real Estate Investments, said in a news release. "We are excited about the partnership and look forward to working together as the project evolves."