- Houston based billionaire Tilman Fertitta is purchasing around six acres of property on the Las Vegas Strip with plans to build an upscale hotel.
- Fertitta is owner and CEO of Fertitta Entertainment which owns a portfolio of restaurants, hotels, gaming properties and the NBA Houston Rockets.
- Fertitta already owns the Golden Nugget Hotel & Casino in downtown Las Vegas.
The Las Vegas Review-Journal is reporting that Houston billionaire Tilman Fertitta is in the process of buying a six acre property on the Las Vegas Strip with plans to build what is being described as ‘an upscale hotel project’. The site in question is at the Southeast corner of Las Vegas Boulevard and Harmon Avenue and right across from the massive CityCenter complex–home of the Vdara and Waldorf Astoria Las Vegas hotels, the Veer Towers Condo complex and the Crystals luxury shopping pavillion. It’s located kitty-corner from the Cosmopolitan of Las Vegas resort and casino.
It’s a perfectly located chunk of property with what is currently a forgettable product mix comprised of a Travelodge Motel and some generic retail and dining. Across the street, there is a large retail complex (Northeast corner) and another retail project is being built on the Southwest corner. The under construction project is on the site of the ill fated Harmon Tower hotel that was never finished due to structural flaws and eventually dismantled. Las Vegas developer Brett Torino–owner of both of the aforementioned retail facilities–said that the Fertitta parcel of property is “just begging to be developed”:
“You have the opportunity to squeeze — I don’t know if this is his plan — a massive amount of construction and development on that site.”
Right next to Fertitta’s site is a 9.5 acre parcel owned by New York investment firm Gindi Capital. It was slated for yet another retail venture when purchased in 2019 though nothing has happened on it since. Here’s a Google Maps street view of the Southeast corner of Las Vegas Boulevard and Harmon Avenue:
Fertitta is an interesting character who owns–among other things–the Golden Nugget Hotel & Casino in downtown Las Vegas, other Golden Nugget gaming properties and the NBA Houston Rockets. Here’s how his business interests were described by the Las Vegas Review-Journal:
Fertitta, the 64-year-old owner and CEO of Fertitta Entertainment, controls a corporate empire that spans restaurants, hotels and professional sports, and boasts more than 50,000 employees. According to Forbes magazine, his net worth is around $5.7 billion.
His holdings include restaurant chains such as Bubba Gump Shrimp Co., Claim Jumper and Joe’s Crab Shack; Golden Nugget casinos in Nevada and other states; and the Houston Rockets basketball team.
Fertitta also was the star of CNBC reality show “Billion Dollar Buyer” and the author of business book “Shut Up and Listen!,” which, as described on Amazon, offers “practical, hard-earned wisdom from one of the most successful business owners in the world.”
Fertitta is expected to close on the property within the next few months.