Las Vegas was experiencing a slow-down after October 1st 2017 before the pandemic. Las Vegas is about selling investors on Las Vegas. Many are using the pandemic as an excuse. They do not care if a project is viable. That's why you are hearing "Vegas is back" but it's not. Case and point is the old Algiers property that was originally the Thunderbird Hotel & Casino and then the El Rancho Hotel & Casino.
Case study: The Fountainebleau
The Drew, formerly the FountaineBleau Las Vegas, is now the J.W. Marriott. Jeff Soffer co-founder of Fountainebleau Resorts, had his company purchase the property in 2005. They broke ground on 2007. Funding was pulled in 2009, only a few months from the scheduled opening in November 2009. The building was nearly complete when funding was pulled. The bank pulled the funding because construction was substantially over-budget. The original budget was $2.8 billion but they needed $4 billion. An independent audit accused the Fountainebleau of "fraudulent billing practices and inappropriate payment methods". Fountainebleau went into bankruptcy when they lost the lawsuit.
Carl Icahn purchased the property out of bankruptcy in 2010 but did not restart construction. Instead, the building depreciated as Carl searched for a buyer. He finally sold the 70% completed project in August of 2017 to the Witkoff Group and New Valley LLC. A few months later, the deadliest mass shooting in U.S. history occurred October 1st 2017 at the Mandalay Bay. Witkoff partnered with Marriott International in February 2018 and announced the Fountainbleau would be named the Drew after his 22 year old son, Andrew, committed suicide using OxyCotins. However, the project was halted again in 2020, this time blaming COVID. But I never saw any construction progress occurring between 2018 and 2020.
Jeff Soffer had the Fountainebleau partner with Koch industries and purchased the property back from Carl Icahn in 2021. On July 17th, Koch Industries announced the new name for the resort will be the J.W. Marriott Las Vegas Blvd to be opened fourth Q 2023.
The Marriot will debut their EDITION brand in Las Vegas.
This is one example. MGM properties, Caesars properties, The Las Vegas Sands and the Palms have also sold to new owners since 2019.