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Business magnate Tilman Fertitta officially halts casino projects along Las Vegas Strip

Tilman Fertitta halts plans for constructing a Las Vegas Strip hotel and casino, as he holds a significant stake in Wynn Resorts, asserting that:

Billionaire Tilman Fertitta puts Vegas Strip casino plans temporarily on hold.
Billionaire Tilman Fertitta puts Vegas Strip casino plans temporarily on hold.

Business magnate Tilman Fertitta officially halts casino projects along Las Vegas Strip

Tilman Fertitta Abandons Plans for Luxury Casino Hotel on Las Vegas Strip

Tilman Fertitta, the billionaire businessman and owner of Fertitta Entertainment, has announced that he will not be proceeding with plans to build a luxury casino hotel on his 6.2-acre property at Harmon Avenue and Las Vegas Boulevard.

Fertitta purchased the land for $270 million in July 2022, but the property has since been operating as a surface parking lot. The land was initially slated for a 43-story, 2,420-room hotel-casino with extensive amenities, a project that was approved by Clark County in 2022. However, construction has not yet begun.

The main reason for Fertitta's decision to abandon the project is a conflict of interest with his significant ownership stake in Wynn Resorts. Fertitta owns around 13 million shares—approximately 11.85%—of Wynn Resorts, valued at over $1.4 billion. Wynn Resorts owns the nearby luxury Wynn Las Vegas and Encore towers. Pursuing his own high-end casino project on the Strip would directly compete with Wynn’s properties, creating a conflict with his investment.

Fertitta's executive vice president and general counsel, Steven Scheinthal, confirmed this in a statement, stating that Fertitta has no plans to continue with the development of the 6.2-acre tract on the Las Vegas Strip due to his role as a large shareholder in Wynn Resorts.

In addition to his role as a shareholder in Wynn Resorts, Fertitta is currently serving as the U.S. ambassador to Italy, which also shifts his focus away from active casino development. Fertitta has stated that "all options remain under consideration," so the future of the site is uncertain, and a sale remains a possibility.

Fertitta is the owner of several Golden Nugget casinos in various locations, including downtown Las Vegas, Laughlin, Colorado, Illinois, Lake Charles, Atlantic City, and Biloxi. Recently, Fertitta Entertainment purchased the Hard Rock Hotel & Casino Lake Tahoe.

Despite abandoning his plans for the Las Vegas Strip resort project, Fertitta continues to be an influential figure in the casino industry. In March 2025, he increased his Wynn Resorts portfolio to 13 million shares, worth over $1.4 billion. Fertitta's resignation from Fertitta Entertainment and other entities, which he outlined in a letter to the US Office of Government Ethics on March 16, 2025, limits his direct involvement in the resort project, as he has committed to receiving only passive investment income.

[1] Las Vegas Review-Journal, "Tilman Fertitta buys 6.2-acre Strip land for $270 million," July 2022.

[2] Las Vegas Review-Journal, "Fertitta Entertainment acquires Hard Rock Hotel & Casino Lake Tahoe," March 2023.

[3] Las Vegas Review-Journal, "Fertitta's Strip project on hold due to Wynn Resorts stake," March 2025.

[4] CNBC, "Tilman Fertitta increases stake in Wynn Resorts to over $1 billion," March 2025.

  1. Tilman Fertitta, the ambassador to Italy and billionaire businessman, has decided not to push through with plans for a luxury casino hotel on his Las Vegas Strip property.
  2. Originally purchased for $270 million in July 2022, Fertitta's 6.2-acre property at Harmon Avenue and Las Vegas Boulevard has since remained a surface parking lot.
  3. The property was initially intended for a 43-story, 2,420-room hotel-casino, a project that won approval from Clark County in 2022.
  4. Fertitta's significant ownership stake in Wynn Resorts, which owns the nearby Wynn Las Vegas and Encore towers, has caused a conflict of interest, preventing him from pursuing his own high-end casino project.
  5. In addition to his ownership in Wynn Resorts, Fertitta is the owner of multiple Golden Nugget casinos in locations like Las Vegas, Lake Tahoe, Atlantic City, and Biloxi.
  6. Despite abandoning his Strip resort project, Fertitta remains an active figure in the casino-and-gambling industry, with his increasing ownership stake in Wynn Resorts valued at over $1.4 billion in March 2025.
  7. The future of Fertitta's 6.2-acre Las Vegas Strip property remains uncertain, with all options still under consideration, including the possibility of a sale.

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