Tilman Fertitta, the billionaire entrepreneur and U.S. ambassador to Italy, has decided to put his planned casino project on the Las Vegas Strip on hold due to a potential conflict of interest stemming from his significant investment in Wynn Resorts.
Fertitta owns 13 million shares of Wynn, valued at over $1.4 billion, making him the largest shareholder in the company. Steven Scheinthal, executive vice president and general counsel for Fertitta Entertainment, confirmed the decision in a statement to the Las Vegas Review-Journal, highlighting that as long as Fertitta retains his stake in Wynn, he will not pursue the competing luxury casino project.
His property, purchased in June 2022 for $270 million, currently functions as a surface parking lot, charging visitors a minimum of $14.99 for parking up to three hours. Fertitta’s original plans for the site included a towering 43-story hotel-casino, replete with 2,420 rooms, restaurants, VIP salons, convention space, a spa, a wedding chapel, an auto showroom, and a theater with around 2,500 seats.
After securing the necessary project approvals in October 2022, Fertitta cleared the land on the Strip, which was once home to a Travelodge, souvenir shops, a tattoo parlor, and a Tex-Mex restaurant. The ambitious resort project seemed to be moving forward just a few years ago, with extensive plans laid out for the high-rise.
However, Fertitta later sought an extension for his project’s timeline. Originally, he faced a deadline to start construction by October 19, 2024, but Clark County officials granted him an extension until October 19, 2025, to begin work on the site.
In early July, when queried about the status of the planned hotel-casino, Fertitta Entertainment provided a statement indicating that all options remained under consideration, but this was prior to the recent developments regarding his ownership in Wynn and the decision to shelve the project.
As Fertitta expanded his holdings in Wynn Resorts, acquiring an additional 6.9 million shares in October 2022, he indicated a commitment to avoid conflicts of interest. This was made clear in a letter to the State Department in March, prior to his nomination by then-President Donald Trump to serve as ambassador to Italy.
The Senate subsequently confirmed Fertitta’s nomination in April, establishing a new chapter in his career while he navigates complex business interests in Las Vegas and international diplomacy.
While Fertitta’s plans for a considerable expansion on the Las Vegas Strip might be on hold, the strip continues to attract attention and investment from various casino and hospitality entities, each vying for a share in the bustling market.
As the landscape of Las Vegas evolves, Fertitta’s eventual decision on the fate of his casino project may hinge on both his future engagement with the Wynn organization and the changing dynamics of casino developments on the Strip.
The future of his property remains uncertain, but the combination of Fertitta’s significant investments and his new diplomatic role adds layers of complexity to potential future ventures in the entertainment capital of the world.
image source from：reviewjournal
