Stalled Las Vegas Resort Construction Reborn After Passage of President Donald Trump's Tax Reform
Steven Witkoff
Only days after the Tax Cuts and Jobs Act was signed   New York developer Steven Witkoff  announced that  he  is now surging ahead with  his  plans to complete the Fontainebleau resort in Las Vegas  Bloomberg Politics reported.
âNow  weâre not going to be patient â  Witkoff  told Bloomberg. âWeâve basically pressed the âgoâ button to do everything necessary to finish design on the project and take down a construction loan.â
 The developer  added that as soon as he saw the bill was going to become law  he was ready to ease off the brakes. He quickly launched an effort to restart his financing process for the estimated $3 billion he needs to finish the project.
 Witkoff  also noted that an important benefit in the tax reform law that allows full and immediate expensing of capital investments spurred him to immediate action. He also insisted to Bloomberg that the new tax law will spark great economic activity in the U.S.
âYou can just feel it â  Witkoff  said. âYou can feel the pent-up fervor thatâs happening out there  and  it  hasnât even seeped through the system yet. And Iâm not a Republican ideologue  for Godâs sake.â
The Fontainebleau was about 70 percent complete when billionaire Carl Icahn bought the stalled project out of bankruptcy in 2010. The site was idle until last year when  Witkoff  began toying with jumping in to finish the building. But  until now  going was slow with an uncertain economy and a slow commercial property market dogging the project.
Only days after the Tax Cuts and Jobs Act was signed    [TGT] announced that   [TGT]   is now surging ahead with   [TGT]   plans to complete the Fontainebleau resort in Las Vegas  Bloomberg Politics reported.
âNow  weâre not going to be patient â   [TGT] told Bloomberg. âWeâve basically pressed the âgoâ button to do everything necessary to finish design on the project and take down a construction loan.â
 The developer  added that as soon as he saw the bill was going to become law  he was ready to ease off the brakes. He quickly launched an effort to restart his financing process for the estimated $3 billion he needs to finish the project.
  [TGT] also noted that an important benefit in the tax reform law that allows full and immediate expensing of capital investments spurred him to immediate action. He also insisted to Bloomberg that the new tax law will spark great economic activity in the U.S.
âYou can just feel it â   [TGT] said.  [TGT]  can feel the pent-up fervor thatâs happening out there  and  it  hasnât even seeped through the system yet. And Iâm not a Republican ideologue  for Godâs sake.â
The Fontainebleau was about 70 percent complete when billionaire Carl Icahn bought the stalled project out of bankruptcy in 2010. The site was idle until last year when   [TGT] began toying with jumping in to finish the building. But  until now  going was slow with an uncertain economy and a slow commercial property market dogging the project.