A huge unfinished hotel and casino on the Las Vegas Strip has a new owner as Koch Industries has bought the former Foitainebleau project which is now called The Drew.
The 75 percent complete resort has been in different stages of construction but most of the time like it is now for the better part of a decade. Construction began in 2007 and, during that time other owners or former resort owners such as Steve Wynn have looked at the property but passed.
The big question now is does Koch Industries plan to finish the project now, demolish the building and build something else or flip the property once prices for land increase?
Once the current pandemic is over land on the North end of the Strip could eventually be much more valuable with the opening of the huge Resorts World resort plus the expansion to the Strip of the convention center.
Koch Industries hasn’t announced what they plan to do with the property but hopefully at some point someone will finish The Drew or level the building which is now an eyesore on the Strip.