Fontainebleau Bankruptcy Deals Blow To Las Vegas Casino Industry
The state of Nevada released their revenue figures for May recently, but the news for the Las Vegas Strip be4came a lot worse on Tuesday. The Fontainebleau Las Vegas LLC casino project is no longer.
The project filed for bankruptcy on Tuesday afternoon and it will have a major impact on the future of Las Vegas. It was expected that the casino resort was going to have 6,000 employees when it opened. Now, those 6,000 employees will have to look for jobs elsewhere.
"Clearly, this is very bad news for the people who are losing their jobs as a result of the project's financial difficulty," said Jon Summers, a spokesman for Senator Harry Reid's office, as reported in the Wall Street Journal, "Senator Reid hopes the project's restructuring process will be expeditious so the project will be completed and can put Nevadans to work."
The construction industry will be taking almost as big a hit as the casino industry. Over 3,000 workers were employed and building the casino resort. Those workers will also now have to look for employment in other areas of the region.
The recent past has not been kind to these construction workers on the Las Vegas Strip. This is the fourth project that will be delayed because of the economic crisis. Harrah's Entertainment, Boyd Gaming, and Las Vegas Sands have all had projects halted.
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