Fontainebleau Las Vegas and two of its affiliates filed for Chapter 11 bankruptcy protection in Florida last month.

The move ends almost two months of speculation that the company would have to file. The $3 billion project has more than $1 billion in assets against more than $1 billion in liabilities.

The decision to file was primarily motivated by a number of large lenders backing out of the project. Fontainebleau Las Vegas has reached a provisional agreement with some of its lenders, and it plans to look at negotiations to obtain financing to recommence construction on the project.

By GGB Staff

Staff writers for Global Gaming Business magazine. Las Vegas, Nevada.