Tilman Fertitta Sets Vegas Strip Casino Plan Aside to Avoid Conflict of Interest

Billionaire Tilman Fertitta has reportedly backtracked on his Las Vegas Strip casino project, at least for now. In an interview with the Las Vegas Review-Journal, a spokesperson for Fertitta’s company said that this was due to a possible conflict of interest.

Fertitta Has Shelved the Strip Casino for Now

Fertitta drafted his plans for a Vegas casino a few years ago as he purchased a $270 million plot of land. His vision outlined a huge casino hotel that would have changed the face of Las Vegas. Fertitta envisioned a 43-story tower with a casino, multiple restaurants, leisure facilities, and some 2,420 hotel rooms.

Instead, the 6.2-acre lot is now a parking space with not much being done with it. It previously housed a motel, several souvenir shops, a restaurant, and a tattoo parlor.

Earlier this year, the Las Vegas Review-Journal asked Fertitta’s company, Fertitta Entertainment, whether the billionaire is still eyeing a Las Vegas casino resort. At the time, the company said that “all options remain under consideration.”

In July, however, Fertitta Entertainment confirmed that the plan had been put on hold. In an interview with the Review-Journal, Steven Scheinthal, executive vice president of Fertitta Entertainment, provided further insights into the matter. According to him, the billionaire will not proceed with his casino plans just yet due to his stake in Wynn Resorts.

Fertitta, for context, owns some 13 million shares valued at roughly $1.4 billion in the casino and hospitality giant and has been gradually increasing his stake. According to Scheinthal, the Houston billionaire’s casino project would cause a conflict of interest as it would directly compete with Wynn’s Vegas properties.

Fertitta Embraced His Ambassadorial Role

Fertitta, who was named the new US ambassador to Italy and San Marino, had previously suggested that he might step down from leadership positions at several of his companies to focus on his new role.

In June, the Nevada Gaming Control Board announced that it plans to examine the billionaire’s position in Wynn Resorts to probe for any potential issues. Some suggested that the board’s move sought to find out whether Wynn Resorts is willing to sell or whether Fertitta is attempting to take over the company.