Billionaire NBA owner plans new high-end casino on the Las Vegas Strip
Most new hotel casino development plans on the Las Vegas Strip have recently focused on the North Strip, between The Strat and Wynn Resort properties.
MGM Resorts International (MGM) – Get the MGM Resorts International Report and Caesars Entertainment (CZR) – Get the report from Caesars Entertainment Inc., which own more than a dozen properties on the Strip, expect to see most of their new competitors in the coming years come from the North Strip. (While their operations are based on the central and southern strip).
In addition to competition from hotels and casinos, gaming and hospitality giants face a wide range of other entertainment choices that drive customers away from their properties, including an NBA/NHL-grade arena , concert halls, various virtual reality experiences and even a huge Ferris wheel that includes bars on board.
Growth on the North Las Vegas Strip
The Fontainebleau resort is set to open later this year, potentially moving some business away from MGM and Caesars properties and property developer Siegel Group has purchased 10 acres on the North Strip with plans to build a concept hotel/ on-site casino.
The North Strip also has plans for a multi-billion dollar NBA-ready arena that could attract either an expansion team or the relocation of an existing team. The project would likely include a hotel/casino component that would draw even more business away from the Central and South Strip casinos.
With all of the new development focused on the North Strip, most of the talk about changes to the Central and South Strip has focused on Caesars’ possible sale of its Planet Hollywood Resort and Casino or perhaps another property. .
Now, however, another big new development has gone public that will directly challenge Caesars and MGM in their home turf.
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A new player on the last strip of Vegas
Billionaire NBA Houston Rockets owner Tilman Fertitta, who also owns the Golden Nugget casino in downtown Las Vegas, is reportedly planning to buy a prime property on the Strip, located between Caesars’ Planet Hollywood and the MGM Grand, to develop a new high-end casino. project, sources said the Las Vegas Review-Journal. The property, on the southeast corner of Las Vegas Boulevard and Harmon Avenue, is also across from the Aria, Vdara and Waldorf Astoria Las Vegas hotels, the high-end shops of Crystal and the Veer condominium complex. Towers.
Fertitta, CEO of Fertitta Entertainment, reportedly paid $200 million for the 6-acre site, which is currently occupied by a Travelodge motel, retail and restaurant. The property is currently owned by Spectrum Group Management. A source told the Review-Journal that Fertitta plans to complete the acquisition in the coming months, but the deal has not yet been finalized.
Fertitta did not respond to requests for comment from the Review-Journal, and Spectrum managing partner Jeff Schaffer declined their request for comment.
Fertitta’s proposed development site is located next to a 9.5-acre site owned by Grindi Capital, which is planning commercial development, according to the report.
Las Vegas developer Brett Torino owns a three-story retail complex at the northeast corner of Las Vegas Boulevard and Harmon and is building a four-story retail project at the southwest corner of Las Vegas and Harmon.
Fertitta, who says Forbes currently worth $5.7 billion, bought the Rockets in October 2017 for $2.2 billion. In addition to the Golden Nugget, it also owns chain restaurants, including Landry’s Seafood House, Bubba Gump Shrimp Co., and Saltgrass Steak House. He had taken it private from Landry in 2010 in a $1.4 billion deal.
The billionaire also wrote his first book, “Shut Up and Listen” in September 2021 about his career in the restaurant and entertainment industry.