April 23, 2009

Washington, D.C. -- Nevada Senator Harry Reid issued the following statement after learning that the developer of Fontainebleau Las Vegas has filed suit against multiple banks that previously committed to finance a project that currently employs 5,000 people and promises to employ thousands more upon completion.
 
“It is wrong, plain and simple, that the banks named in the lawsuit are trying to back out on their commitment to this important project.  One of the issues I have been working on hardest is freeing the flow of credit for job-creating projects like this one.  When banks, especially ones that have received taxpayer dollars, make a commitment to finance a worthy project with thousands of existing jobs on the line, they have an obligation to keep that promise.  I hope this can be resolved quickly because thousands of families are counting on it and so is Nevada’s economy.”