Fontainebleau Las Vegas, LLC which is developing a multi-billion dollar casino resort on the Las Vegas Strip, has launched a lawsuit against some of the world's top banks.

Fontainebleau is suing Bank of America, Merrill Lynch, JPMorgan Chase, Barclays, Royal Bank of Scotland, Sumitomo Mitsui, and Deutsche Bank, for $3 billion.

Fontainebleau alleges the banks and other lenders reneged on their contractual commitments to provide the Company with almost $800 million in prearranged funding.

The lawsuit has made particular note of the fact that Bank of America, JP Morgan Chase and certain other lenders involved in the lawsuit received tens of billions of dollars in federal bailout money that was meant to increase the flow of credit.

“This case arises from the breach by a group of unscrupulous banks of their clear and unequivocal written promise to Fontainebleau to finance the construction of its casino-resort, a promise in exchange for which the Banks have already secured for themselves tens of millions of dollars in fees,” the lawsuit filed in the District Court of Clark County, Nevada charges.

The lenders’ “misconduct here was calculated, intentional and malicious, says a statement issued by the developer on Friday. 'Defendants abandoned their lending commitments solely to try to extricate themselves from a loan they no longer wish to make, notwithstanding that those commitments are clear, unequivocal, and binding, and that Fontainebleu and thousands of employees and their families are relying on those commitments to be performed.”

The complaint alleges that the lenders notified Fontainebleau on Monday that they had purportedly “terminated” their commitments under an $800 million revolver loan, “ostensibly based on ‘one or more’ unspecified ‘Events of Default,’” but without outlining any detail or specifics. According to the lawsuit, “In fact, there has been no Event of Default, and there is no contractual basis whatsoever for the Revolver Banks’ breach of their clear and unambiguous obligations. The purported termination is nothing more than the Banks’ baseless attempt to walk away from the Project and abandon their obligations.”

The $800 million loan is in addition to more than $2 billion in debt and equity that Fontainebleau has already borrowed and invested to build what is expected to be a new landmark casino-resort on the Las Vegas Strip.

The lawsuit says that the banks’ “brazen breach of contract” jeopardizes Fontainebleau's ability to complete its casino-resort. The project, situated on the opposite corner to the Rivierra, and diagonally opposite Circus Cicus, is more than 70% completed, with finishing work being undertaken in the resort's hotel rooms and suites. Failure to provide the funding will, according to the lawsuit, “cause enormous harm to the public interest” by further damaging the local economy.

“In addition to the approximately 3,300 construction workers on-site daily (plus the additional 1,700 workers who would be needed to work on the final stages of the Project) and hundreds of others presently employed by the Project, the opening of the Fontainebleau Las Vegas is expected to result in over 6,000 full-time jobs at the facility, and approximately 2,000 additional jobs in Las Vegas,” according to the lawsuit. "Further damage will be caused to the many suppliers and contractors from across the country that are supplying materials and services to the project."

Steve Ross, the secretary-treasurer of the Southern Nevada Building and Construction Trades Council, said in a statement the affiliated unions were "shocked" by the actions of the banks.

"This move threatens the livelihoods of several thousand of our members working on the project," Ross' statement read. "It threatens their families, their ability to pay their mortgages and their ability to put food on the table."

Clark County Commissioner Chris Giunchigliani told the Las Vegas Review-Journal she was bothered by the banks' arrogance in pulling the funding on the project.

"I think it's unbelievable that at this stage of the game the banks would play that kind of game," said Giunchigliani, whose district includes the Fontainebleau. "I think there's going to be some political pressure from Washington, and there probably needs to be."

Fontainebleu is partly owned by Australian casino operator Crown, headed by James Packer. Crown invested $250 million in Fontainebleu last year to acquire a 19.60% interest.

Neither the lawsuit nor the $800 million loan affect Fontainebleau Miami Beach, which is a separate legal entity from Fontainebleau Las Vegas and which is currently open and operating.