Could Tilman Fertitta be set to launch a new casino on the Las Vegas Strip?
You’ve no doubt seen the films and they all show the same thing: Las Vegas is all about casinos and serious amounts of money. Given the amount of money that passes hands at a Las Vegas casino, you can only begin to imagine just how much these casinos are worth, and how much it would cost to get involved with the ownership of one. Well, recent events have given us a little bit of an insight on Tilman Fertitta´s new casino.
The actions taken by Tilman Fertitta, during June of this year, have confirmed that Las Vegas is all about the money. As he’s gone ahead and snapped up a piece of prize real estate, many are left wondering what his plans really are.
Does the Strip really need another casino? Does Fertitta know the first thing about getting one off the ground? Let’s take a look.
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Tilman Fertitta´s new casino – So, what has Fertitta just done?
As a billionaire, Fertitta is known as a businessman that doesn’t do things by halves. In fact, he has just gone ahead and splashed out a phenomenal $270 million to snap up 6.2 acres of real estate. Of course, at a cost of $43.5 million per acre, this isn’t just any real estate: it’s prime real estate right bang on the Las Vegas Strip.
Up until now, this land has been home to a Travelodge motel, along with a parking lot, and a strip mall. What nobody knows at this precise moment is exactly what Fertitta has planned for his new purchase. Is he set to upgrade the motel and create a place of luxury, or will he be seeking to cash in on the love of gambling in Vegas?
Of course, if you know anything about Fertitta, you’ll know that he’s no stranger to casinos and all that they have to offer. If this is a name that you’ve not come across before, let’s take a look at exactly who Tilman Fertitta really is.
Tilman Fertitta´s new casino – Who is Tilman Fertitta?
Given the fact that Fertitta has just spent a whopping $270 million, it’s perhaps no surprise to learn that he is a billionaire. It’s not just Vegas and casinos that Fertitta has an interest in. Back in 2017, he stumped up $2.2 billion so that he could go ahead and buy the NMBA team, the Houston Rockets.
Fertitta is no stranger to casinos. It is his company that owns the Golden Nugget Casinos, as well as Landry’s. The latter is a restaurant and entertainment company which is based in Texas.
When you look at Landry’s, you’ll see brands that are instantly recognisable. These include the likes of:
- Landry’s Seafood house
- Bubba Gump Shrimp Co.
- Saltgrass Steak House
By taking these companies private, Fertitta increased his wealth by another $1.4 billion.
To hammer home just how successful Fertitta has been, he has also released a book. With the title “ Shut Up and Listen” it contains Fertitta’s experiences within the entertainment and dining industries. All of this experience means that he is more than qualified to explore the possibility of setting up a brand new casino in Vegas.
Questionable timing
As someone operating in the entertainment industry, it’s hardly a surprise to realise that Fertitta suffered during the Covid lockdowns. With the doors shut to casinos and restaurants, sources of income were cut off almost overnight. This led to him laying off over 40,000 members of staff.
Fresh out of Covid, although this is something that is still bubbling away, and exploring a new casino just doesn’t seem to make sense to us mere mortals. Many players turned to online casinos for their slots, blackjack, roulette and baccarat entertainment during lockdowns and the US economy is standing on the brink of a recession. When you look at all of this together, is now really the time to be constructing a casino from scratch?
Reports suggest that Fertitta is now richer than ever before. By reassessing, and tweaking his finances, he has put himself in a better position than ever before. Perhaps this is why he feels that he can pull off his plans.
So, what exactly can we expect at this Vegas site?
As we’ve said, to date, Fertitta has remained tight-lipped when it comes to his plans for his newly acquired site. The thing is, with a background that includes casinos, and this being the perfect location, a brand new casino just makes sense. Yes, there could be other possibilities, but none of these seem to hold quite the same level of credibility.
Building a new casino from the ground up would be no easy feat. The chances are that it would require a 10-figure investment to turn any plans into a reality. If that were the case then you can be sure that Fertitta would be looking to be up and running, and recouping funds, as soon as possible.
Fertitta and the Golden Nugget
The Golden Nugget Casino has to be one of the most famous casinos in the whole of Vegas. Having been operating since 1946, it has featured in numerous films and just seems to sum up what Vegas is all about. It was back in 2005 that Fertitta and his company became involved.
This involvement was nothing but good news as players benefited from seeing the casino under a $100 million renovation. Based on this history, you can be sure that casino fans would welcome another location from Fertitta.
Final thoughts
There is nowhere on earth that can match the casino experience that is offered in Las Vegas. The deal done by Fertitta means that there are exciting times ahead. While downtown Vegas has seen significant investment of late, it’s great to see that there may be new offerings coming to the Strip too.
Of course, there is nothing set in stone as yet and Fertitta may yet surprise us all. However, the smart money is on a brand new, high-end, luxurious hotel coming to the Vegas Strip soon.
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