Glenn Schaeffer, who last year sold his Mandalay Bay properties in Las Vegas to MGM for $7.9 billion, is coming back into the Las Vegas hotel and casino scene. He has bought the landmark Fontainebleau Hotel in Miami Beach and will build another Fontainebleau hotel and casino on 25 acres he still owns in Las Vegas. He’s now partnered with Turnberry Associates.
Schaeffer said the Las Vegas property will be a 4,000-room resort to open in 2008. He also plans to spend $350 million to renovate the Miami hotel and “bring it back to its original luxurious luster.” The Nevada resort will have the same look, architecturally, as the Miami property.