Rockets owner locks down space on the Las Vegas Strip
Houston Rockets owner Tilman Fertitta is expanding his business empire and taking on casino giants like Caesars Entertainment and MGM Resorts International.
Fertitta is purchase land on the Las Vegas Strip with plans to build a high-end casino.
- Fertitta will pay $200 million for a six-acre site located between the MGM Grand and Caesars’ Planet Hollywood.
- The deal is not yet final, but Fertitta expects to close the deal before the end of the summer.
- The site currently houses a Travelodge motel, as well as retail and restaurants.
Fertitta Entertainment, the restaurant and casino mogul, has sold Golden Nugget Online Gaming to DraftKings in a $1.6 billion all-stock transaction last August, but retained ownership of Golden Nugget. Fertitta Entertainment also owns the Landry’s restaurant chain.
not so fast
Last year, Fertitta Entertainment agreed to merge with a SPAC, FAST Acquisition Corp., in a deal valuing the combined company to $8.6 billion.
In December, the two sides called off the deal following a dispute in which Fertitta sought to walk away. FAST challenged this decision, saying that Fertitta Entertainment was legally obligated to continue.
Fertitta Entertainment will pay up to $33 million to exit the arrangement, in part subject to FAST merging with another company.