Las Vegas Strip May Be Getting a New Resort

You don't spend $600 million on a hotel that's 70% complete if you don't plan to eventually open it to guests. And if that hotel is on the Las Vegas Strip, you'd better be intending to open a casino as well.

Real estate company Witkoff just bought the Fontainebleau Las Vegas for the lofty price of $600 million, and while it hasn't said precisely how it intends to unlock its potential, you can bet a resort opening is on the horizon. With Las Vegas Strip hotel occupancy hovering over 90% and room rates over $140 per night, there may be room in the marketplace for another mega-resort on the north side of the strip.

Image source: Getty Images.

Source: Fool.com