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Fertitta Discloses Blueprint for a 43-Story Vegas Strip Casino Resort
By Jeff Osienya Oct 14, 2022 IndustryAfter acquiring a 6-acre piece of land in Vegas for $270 million in June, gaming industry mogul Tilman Fertitta has disclosed plans for a 43-story casino resort. This will be the first of Fertitta’s Golden Nugget properties to operate in the Strip.Casino and property mogul Tilman Fertitta finally realizes his company’s dream of building a casino resort on the Las Vegas strip. Fertitta entertainment spent about $270 million in June to secure a 6-acre piece of land on an area commonly referred to as the Center Strip. Also included in the sale was a Travelodge motel property, retail shops, and a Tex-Mex restaurant complex.
Nancy Amundsen, the Director of the Comprehensive Planning Department of the Clark County Commission (CCC), confirmed that the commission would hear Fertitta’s project plan at their October 19 meeting. After the plan’s approval, the project will start in March 2023, and the expected completion date is March 2025. Upon completing the enormous endeavor, Fertitta will be crowned owner of one of the tallest properties along the Strip, cementing his influence in the world-renown gambling mecca.
A Big Bet at The Heart of Sin City
According to plans filed by Fertitta Entertainment with CCC, the new property will include a casino gaming area of 59,000 square feet. Additionally, the acreage will feature amenities such as bars and restaurants, 2,240 hotel rooms, a 2,500-seat theater, a spa, a wedding chapel, meeting centers, and an auto showroom.
On the other side of the coin, High-end clients will enjoy a high-roller betting lounge, bar, VIP rooms, and salons. Presently, however, there’s no mention of which restaurants and auto showrooms will call the resort home, but either way, they are among Fertitta’s areas of specialty.
In a press statement, the VP of Development at Fertitta Entertainment, Jeff Cantwell, said:
Quote“We have acquired a truly unique piece of real estate and are actively exploring this development opportunity. While we continue to go through the review and planning process, no firm decision has yet been made concerning our future plans.”
An undertaking this big requires someone or a company with deep pockets. Thankfully, Fertitta, who, according to Forbes, has a net worth of $7.7 billion, the project will see the light of day. The amount to be spent on the project is still unknown; however, with the parcel of land going for $270 million, it is expected to cost over $1 billion.
Fertitta, 65, has interest in the Houston Rockets basketball team, which he bought in 2017 for $2.2 billion. He also owns Landry’s Inc, a restaurant and entertainment company based in Texas, operating brands like Saltgrass Steakhouse, Bubba Gump Shrimp Co., and Landry’s Seafood House. In the gaming scene where the billionaire investor shines bright, he owns Golden Nugget casinos located in Nevada, Mississippi, Atlantic City, Lake Charles, Louisiana, and Las Vegas.
Fertitta’s long-time wish to operate on the Vegas strip has seen many land sales attached to his name over the past years. Now, given that the property is located near high-end venues such as Aria, Vdara, Cosmopolitan, and CityCenter, the gaming mogul needs to bring his A-game. By the look of things, Fertitta’s firm could decide to face the competition head-on or stay clear of the premium-rate market clash by providing a more-cost friendly option.
New Players Setting Sights on the Vegas Strip
Fertitta is not the only one eyeing to expand on the Las Vegas strip, as other projects are coming up. In July, the Red Rock Resorts disclosed that they had bought 126 acres of land for $172 million south of the Vegas strip. In August, the Clark County commissioners approved plans for a three-story retail complex south of Fertitta’s property for the Gindi Capital, a New York-based investment firm. Gindi capital’s project will comprise restaurants, outdoor entertainment space, and more than 300,000 square feet of retail shops.
New York’s real estate giant Flag Luxury Group and local developer Brett Torino have partnered to build a four-story retail complex adjacent to the Fertitta property. In addition, Ocean Prime, a steakhouse and seafood chain, has also announced its plan to invest about $20 million in a new location along the Strip. According to a news release by the food chain, the new facility will feature a 400-plus-seat restaurant sitting on 14,500+ square feet and a rooftop terrace spanning over 2,500 square feet.
Fertitta’s Golden Nugget Casino Continues Expanding its Footprint
At the beginning of the year, Golden Nugget casino received a green light from the Illinois Gaming Board to open a casino in Danville, Illinois. The project will be spearheaded by Danville Development LLC and is expected to open in 2023. The new casino gaming space will sit on 41,500 square feet and will feature 14 table games, 500 slot machine games, and two dining spaces.
Additionally, in recent updates, the Golden Nugget Lake Charles Hotel and Casino in Louisiana revealed that DraftKings will open a retail sports betting business on their property on September 1. In the new location, DraftKings will feature three blackjack tables, 16 video poker machines, and 3,200 square feet of massive TV screens playing live sports. The facility will also feature 300 lounge seats for VIP clients and 30 self-service shops covering a vast 12,000 square feet space.
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