Two Way Hard Three | Las Vegas Casino & Design Blog

May 12, 2005

Fontainebleau to Name Schaeffer CEO

Posted by Hunter

A potentially huge development...

The Fontainebleau is a famous Miami resort that was not only Jay Sarno's inspiration for Caesars Palace but also cited by Steve Wynn has a precursor to The Mirage.

Glenn Schaeffer is the extremely able former head of Mandalay Resort Group which was recently purchased by MGM MIRAGE.

According to the Wall Street Journal, Schaeffer has been named CEO of Fontainebleau Resorts and they are planning a property in Las Vegas on the Northern end of Strip on land owned by Turnberry Associates. The site plan will also include condos.

Schaeffer is quoted as saying that architecture is the next frontier for Las Vegas...


Categories: Business of Gaming


Comments

Read archived comments (10 so far)
May 12, 2005 9:03 PM Posted by Ben

Very interesting.

Who else thinks that the high-end casino/resort market might be approaching the saturation point?

May 12, 2005 9:13 PM Posted by Hunter

That's a legit question... Not all of these places can perform as wonderfully as they are proposed - the market won't grow that fast. Still, this project is being run by a very capable team.

May 13, 2005 7:56 AM Posted by detroit1051

Turnberry led the way into Las Vegas high rise, high-end condos, and Glenn Schaeffer will be key to the old El Rancho property's development as a real player on the Strip. The Soffers who run Turnberry may do as well in Vegas as they do here in Florida.
This is good news for Las Vegas, imo.

May 13, 2005 10:28 AM Posted by socalduck

The race to develop the north end of the strip is in high gear. In addition to the high-end hotel boom, the condo market is even crazier. I really don't see how the market can support all of the new projects that have been proposed or that are under construction.

May 13, 2005 2:42 PM Posted by tom

Well if architecture is the next frontier for Las Vegas then I'm all for it. I think the north end of the strip may end up with more residential than resort property. There seems to be a move to build alot more high rise, high end residential property on the strip. I don't know how this area can sustain all this growth with the water issues inherent to the desert. I don't think there is any limit to the number of Resorts that can be built. There is no saturation issue there in my opinion. Build it and they will come.

May 15, 2005 12:53 AM Posted by Andrew

Does anybody knows where Toni Alamo from former Mandalay resort group went after the merger?Thanks.

May 16, 2005 6:32 AM Posted by Andrew

I have asked this question many times, especially when Ruffin scrapped his theme hotel in favor of high end. I think resort mimicking MB will evolve.

Have a boutique hotel (200 to 400 romms, connected to main casino hotel/casino floor), with another high end tower of rooms.
Just Like MB, with THE Hotel and four seasons.

Also, they can try lower end theme (like Paris), best bets would be England (not just London), Asian, or time era roaring 20's.

July 28, 2005 2:53 PM Posted by Devany

He (Schaeffer) is the Midas Man, anything he touches turns to gold and all of that Mandalay DNA is followint him. They must have made him an offer that he could not refuse because he said many times that he would retire at 50, no matter what. I guess "no matter what" happened. There is no saturation point when it comes to Mr. Schaeffer.

September 12, 2005 2:23 AM Posted by Gold Fever

"Not all of these places can perform as wonderfully as they are proposed - the market won't grow that fast", that's right, so many high-end hotels already

August 8, 2007 12:34 PM Posted by Robert Fitzgerald

GO GLENN YOU ARE THE BEST! YOU KNOW IT.