![]() ![]() This project was started in the mid-2000s but the Fontainebleau went bankrupt and had to be handled by different management teams a few times. Recently, Jeffery Soffer, the chairman, and CEO of Fontainebleau Development announced that he has a plan to open a 67-story Fontainebleau hotel and casino in the fourth quarter of 2023. It’s steering possible investors away from cities like Macau and true enough, there are already numerous business plans in place in Las Vegas in the coming years. With all that, Las Vegas is pretty much losing a tough competition. ![]() Kelley said, “This development, in our view, is more of a crackdown/intervention risk than the concession process from back in September, but is yet another example of the 3 C’s (COVID, Crackdown, and Concession) risks that make Macau difficult for investors at the moment.” Aside from what the pandemic did to its local industry, Macau has also suffered from negative investor sentiments when 10 casino officials were arrested. Kelley also spoke about the difficult situation that Macau is giving possible and even current investors.
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