Houston billionaire Tilman Fertitta, who owns Golden Nugget and Landry’s, is on his way to conquer the Las Vegas Strip. Through his company, Fertitta Entertainment Inc, Fertitta has bought real estate on the Strip spanning over 6.2 acres for the massive amount of $270 million, which roughly means he paid over $43 million per acre. The newly acquired property is situated at Las Vegas Boulevard and Harmon Avenue and lies between the MGM Grand and Planet Hollywood.
Fertitta has been trying for a while to get his hands on a piece of the Strip. He attempted to get hold of the Mirage, but it was eventually sold to Hard Rock International. The world’s richest restaurateur, a title given to him by Forbes, also pursued a merger deal with Caesars Entertainment but nothing came out of these aspirations.
According to sources familiar with the matter, Fertitta plans to build a high-end casino resort on the newly acquired piece of land, which will be in direct competition with behemoths MGM Resorts International and Caesars Entertainment. However, no details about a specific timeline or any other fact shave been uncovered.
Expected Revamp of the Property and the Area Surrounding It
The site was the former home of the Harley Davidson café, but currently the 6.2 acres acquired by Fertitta are occupied by Tex Mex Tequila Bar & Grill, a Travelodge motel, two parking lots and retail stores. It is expected that this stretch of the Strip, considered by many a rather dumpy part, will be completely revamped through the new build, giving a new look to the whole block.
There has been no official announcement about the planned casino complex or the deal regarding the land, however, some sources have suggested that the name of the future resort might have something to do with Fertitta’s Post Oak Hotel, which is the only five-star and spa hotel located in Houston, Texas.
US billionaire, reality TV star and restauranteur Tilman Fertitta, who takes the number 158 spot in Forbes’ list of the wealthiest Americans, is the owner and CEO of Fertitta Entertainment Inc. The company controls major restaurant chain Landry’s, NBA’s Houston Rockets and the Golden Nugget Hotel and Casinos. According to data from 2021, Fertitta’s net worth amounts to $6.2 billion.