Developer of The Drew in Vegas defaults on $2-billion loan
The Drew, the Las Vegas Strip casino that was previously going to be known as the Fontainebleau, was shunned for years after it shut down in 2009 due to bankruptcy. It appears the casino is about to meet the same fate as the Witkoff Group, which purchased the property from Carl Icahn in 2017, has defaulted on a loan worth $2 billion. The loan, secured at the beginning of this year, was provided from a variety of sources that included U.S. investment banks and two investment firms out of South Korea, Mirae, and NH Investments & Securities.
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