Tilman Fertitta halts Las Vegas Strip resort plans
Plans for Las Vegas Strip resort on hold with no confirmed timeline for future development.
Key points:
– Fertitta is pausing plans for a new resort on the Las Vegas Strip
– Fertitta recently became a major shareholder in Wynn Resorts
Plans for a resort development on the Las Vegas Strip led by billionaire Tilman Fertitta have been put on hold. Steven L. Scheinthal, Fertitta Entertainment EVP and GC, confirmed the decision to KSNV News 3.
Fertitta previously pursued a casino-hotel project at the southeast corner of Las Vegas Boulevard and Harmon Avenue. The proposed development, called Center Strip, was expected to include more than 2,400 rooms and a 2,500-seat theater.
While the site was cleared, no construction has taken place. It is currently used as a parking lot.
Fertitta owns the Golden Nugget hotel and casino chain through Landry’s, including properties in downtown Las Vegas, Laughlin and Stateline, Nevada.
He is currently serving as US ambassador to Italy and San Marino. According to filings, he informed federal officials that he would resign as CEO if confirmed in the diplomatic role to avoid conflicts of interest.
Good to know: The Center Strip site remains undeveloped after demolition. Fertitta’s stake in Wynn Resorts and his diplomatic post may affect future business activity
There is no indication when or if plans for the Las Vegas Strip site will resume.
Scheinthal stated: “As the largest shareholder of Wynn Resorts with 13 million shares valued at over $1.4bn, Fertitta views a competing high-end strip casino as a conflict of interest and therefore, has no plans to continue with the project so long as he maintains his Wynn ownership.”
Earlier this year, Fertitta became a principal shareholder in Wynn Resorts after his stake surpassed 10%, subjecting him to additional oversight from federal regulators under insider trading laws.
Fertitta’s decision to pause his Strip resort project comes as Nevada gaming revenue rose 3.5% in June to $1.3bn, despite a decline in overall tourism.
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