The Traderszone Network

Published in TZ Latest News 25 February, 2015 by The TZ Newswire Staff

Bank of America in $300 million Fontainebleau Las Vegas settlement

The bank, which had arranged a $1.85 billion credit facility, was accused of funneling money into Fontainebleau long after it should have known that financial prospects for the projected $2.9 billion project were worsening. Bank of America ultimately stopped funding construction after discovering alleged cost overruns. Located on the north end of the Las Vegas Strip, the Fontainebleau project was meant to include a 63-story glass skyscraper and feature a casino, a convention center, restaurants and bars, and more than 3,800 guest rooms.

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