{"id":816,"date":"2022-10-31T09:39:39","date_gmt":"2022-10-31T08:39:39","guid":{"rendered":"https:\/\/bestbettingcasinos.com\/us\/gambling-news\/tilman-fertitta-new-las-vegas-strip-casino-resort\/"},"modified":"2022-10-31T09:39:39","modified_gmt":"2022-10-31T08:39:39","slug":"tilman-fertitta-new-las-vegas-strip-casino-resort","status":"publish","type":"post","link":"https:\/\/bestbettingcasinos.com\/us\/gambling-news\/tilman-fertitta-new-las-vegas-strip-casino-resort\/","title":{"rendered":"Tilman Fertitta is ready to build new Las Vegas Strip casino resort"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-600028 size-full\" title=\"Tilman Fertitta is ready to build new Las Vegas Strip casino resort\" src=\"https:\/\/bestbettingcasinos.com\/wp-content\/uploads\/tilman-fertitta-low.jpg\" alt=\"Tilman Fertitta is ready to build new Las Vegas Strip casino resort\" width=\"900\" height=\"450\" \/><\/p>\n<p><strong>The American billionaire Tilman Fertitta got approval to build a brand new casino resort on the Strip in Las Vegas. Earlier the chairman, CEO, and owner of Landry\u2019s Inc, bought a 270,000 feet square plot for a whopping 270 million US dollar. The new casino resort on Las Vegas Boulevard will have 43 stories and a total of 2.420 rooms.<\/strong><\/p>\n<h2 id=\"fertitta-entertainment-receives-approval\">Fertitta Entertainment receives approval<\/h2>\n<p>This month was an important week for Fertitta. The American businessman finally <a href=\"https:\/\/www.reviewjournal.com\/business\/casinos-gaming\/houston-mogul-tilman-fertitta-gets-approval-for-new-hotel-casino-on-strip-2660364\/\">got approval <\/a>by the Clark County Commission to build a new casino resort on the strip. Fertitta\u2019s lawyer Rebecca Miltenberger was very happy with the approval and stated the following.<\/p>\n<blockquote><p>\u201cWe are very excited to bring this project to fruition over the next two years,\u201d<\/p><\/blockquote>\n<h2 id=\"total-initial-investment-of-3-billion-dollar\">Total initial investment of 3 billion dollar<\/h2>\n<p>Although the $270 million dollar for the building plot seemed like a lot it is a drip in the bucket compared to the full initial investment that will need to be made to realize the casino resort. David Katz, analyst at Jefferies &amp; Co, expects that the full project will require an investment of roughly 3 billion dollars.<\/p>\n<p>The investment of 3 billion dollar is of course huge but certainly not impossible for Fertitta. <a title=\"\" href=\"https:\/\/www.forbes.com\/profile\/tilman-fertitta\/\" target=\"_blank\" rel=\"noopener\">Forbes<\/a> estimates the total worth of the American billionaire to be 7,9 billion dollars. Not only is Fertitta the owner of Landry\u2019s Inc, but he is also owner of the Houston Rockets and the Golden Nugget casino downtown Las Vegas. In addition to this the entrepreneur owns a big portfolio of restaurant, hotels, and other entertainment enterprises.<\/p>\n<h2 id=\"unique-piece-of-real-estate\">Unique piece of real estate<\/h2>\n<p>Jeff Cantwell, executive vice president o development at Fertitta Entertainment said in a statement that they have \u2018\u2019acquired a truly unique piece of real estate and are actively exploring this development opportunity\u2019\u2019. The plot of ground which the company bought earlier contained a Travelodge motel, a small mall, and a Tex-Mex restaurant. After buying the plot the company cancelled all the agreement with the tenants which allowed the company to demolish all buildings and build something new.<\/p>\n<p>Although most is ready to go nothing is certain yet. \u2018\u2019 While we continue to go through the review and planning process, no firm decision has yet been made concerning our future plans.\u2019\u2019<\/p>\n<figure id=\"attachment_599967\" aria-describedby=\"caption-attachment-599967\" style=\"width: 900px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-599967 size-full\" title=\"This Travelodge Motel will need to make way for Tilmans new Las Vegas Casino Resort\" src=\"https:\/\/bestbettingcasinos.com\/wp-content\/uploads\/plot-site-new-las-vegas-strip-casino-resort.jpg\" alt=\"This Travelodge Motel will need to make way for Tilmans new Las Vegas Casino Resort\" width=\"900\" height=\"600\" \/><figcaption id=\"caption-attachment-599967\" class=\"wp-caption-text\">This Travelodge Motel will need to make way for Tilmans new Las Vegas Casino Resort<\/figcaption><\/figure>\n<h2 id=\"massive-new-casino-resort-with-endless-possibilities\">Massive new casino resort with endless possibilities<\/h2>\n<p>Tilman Fertitta is very serious about his new project and that\u2019s why he is aiming high. He is looking to build an upscale project on roughly 6 acres. The new resort will be built at the southeast corner of Las Vegas Boulevard and Harmon Avenue. When finished the resort will include multiple restaurants, a convention space, a spa, a fitness center, an auto showroom, a wedding chapel, and a theater with over 2,500 seats.<\/p>\n<p>The new Las Vegas strip resort will also be something for the rich and famous. They can enjoy luxurious suites and villas, VIP salons, glamorous bars, and special lounges for high-limit gamblers.<\/p>\n<h2 id=\"new-developments-on-the-las-vegas-strip\">New developments on the Las Vegas Strip<\/h2>\n<p>Fertitta is not the only one who is looking to build a new resort in Las Vegas. In August the Clark Country commissioners also approved plans by an investment firm from New York, Gindi Capital, to build a new three-story retail complex just south of Fertitta\u2019s building site. This new project will include retail shops, restaurants, and some sort of outdoor entertainment on a 300,000 square feet plot.<\/p>\n<p>On top of Gindi Captail plans the New York\u2019s Flag Luxury Group is working on a four-story retail complex at the southwest corner of Las Vegas Boulevard and German.<\/p>\n<h2 id=\"us-casino-industry-remains-a-booming-industry\">US casino industry remains a booming industry<\/h2>\n<p>The new Las Vegas Strip resort by Fertitta is just one of many new casino projects in the US. Recently Caesars Entertainment announced that they teamed up with property developer SL Green Realty Corp. to <a href=\"https:\/\/sigma.world\/news\/caesars-partners-with-sl-green-for-times-square-casino\/?utm_content=225330948&amp;utm_medium=social&amp;utm_source=facebook&amp;hss_channel=fbp-567813059949400&amp;fs=e&amp;s=cl\">pursue a gambling license for a new casino on Times Square (New York)<\/a>.<\/p>\n<blockquote><p>\u201cWe believe that Times Square offers the best location for a new resort casino that can attract tourists and benefit local businesses. We\u2019re excited to pursue this license with Caesars and our many local partners. Our approach will ensure that under-represented communities benefit both in terms of employment and investment opportunities,\u201d said Marc Holliday, CEO of SL Green.<\/p><\/blockquote>\n<p>The idea of the partnership is to turn 1515 Broadway into a unique new entertainment and gaming destination. Caesars Entertainment is certain that the new project can provide \u2018\u2019billions in revenue\u2019\u2019 for the city and state.<\/p>\n<p>If Caesars gets approval, they will build a five-star gaming resort on Times Square which includes a Broadway Theater for The Lion King.<\/p>\n<blockquote><p>\u201cA casino in Times Square is in keeping with existing uses in the area. Times Square is the center of the entertainment universe. Because we are proposing a renovation, once the license is issued, we can open quicker than other facilities, which require entirely new construction, changes in law, and will be disruptive to their local communities.\u201d<\/p><\/blockquote>\n<p>Not that long ago the New York Gaming Commission appointed the first three members of the Gaming Facility Location Board, that will oversee the licensing process in the downstate region. The board can provide companies with a total of three gaming licenses. Each license will cost a minimum of $500 million, and Caesars is not the only one applying for one. Competition will be fierce, with Wynn Resorts, Bally\u2019s, Las Vegas Sands, MGM Resorts and Genting are all in the running for a license.<\/p>\n<h2 id=\"fertitta-also-grabs-a-6-stake-in-wynn\">Fertitta also grabs a 6% stake in Wynn<\/h2>\n<p>Not only has Fertitta got faith in his own projects, but he also likes to invest in other businesses. At the start of November the news came out that Fertitta has <a title=\"\" href=\"https:\/\/igamingbusiness.com\/finance\/funding\/wynn-shares-surge-after-fertitta-grabs-6-stake\/\" target=\"_blank\" rel=\"noopener\">acquired a 6% stake in Wynn<\/a>. That day the casino operator saw its share price jump 11% (from $56.43 to $65.13).<\/p>\n<p>Fertitta disclosed in a recent SEC filing that he bought a total of 6.9 million shares in the Las Vegas-based business. With this amount he is the second biggest investor in the company. Elaine Wynn is still the biggest shareholder with a total stake of 9%.<\/p>\n<p>Fertitta probably saw this moment as a good moment to buy. Wynn\u2019s shares dropped as much as 51,5% since May 2021. The main reason for this strong drop was the weak results in Macau, where Wynn has a strong presence. The gambling paradise of Macau has had a strong dip due to the corona pandemic.<\/p>\n<p>In the second of quarter of this year Wynn\u2019s losses rose from $173,3 million to $214.4 million, which is a 23,1% increase. Although this bad result CEO Craig Billings was still bullish for the long-term results in that region.<\/p>\n<p>\u201cIn Macau, while Covid-related travel restrictions continued to impact our results, we remain confident that the market will benefit from the return of visitation over time,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The American billionaire Tilman Fertitta got approval to build a brand new casino resort on the Strip in Las Vegas. [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[31],"tags":[],"class_list":["post-816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gambling-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tilman Fertitta is ready to build new Las Vegas Strip casino resort<\/title>\n<meta name=\"description\" content=\"The American billionaire Tilman Fertitta got approval to build a brand new casino resort on the Strip in Las Vegas.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bestbettingcasinos.com\/us\/gambling-news\/tilman-fertitta-new-las-vegas-strip-casino-resort\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tilman Fertitta is ready to build new Las Vegas Strip casino resort\" \/>\n<meta property=\"og:description\" content=\"The American billionaire Tilman Fertitta got approval to build a brand new casino resort on the Strip in Las Vegas.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bestbettingcasinos.com\/us\/gambling-news\/tilman-fertitta-new-las-vegas-strip-casino-resort\/\" \/>\n<meta property=\"og:site_name\" content=\"\ud83c\uddfa\ud83c\uddf8 Best Betting Casinos - 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