Sources say Houston billionaire Tilman Fertita is buying six acres of property on the Las Vegas strip where he intends to build a high-end resort. [Image: Shutterstock.com]
Intent to develop a luxury resort
Landry’s Inc owner and CEO, Tillman Fertitta, has purchased six acres on the Las Vegas Strip with the intent of developing a luxury resort, according to sources cited Las Vegas magazine review.
Buying the site for more than $200 million
The plans of the Houston billionaire Sin City surfaced on Tuesday, with sources indicating that he is buying the site for more than $200 million. Insiders say Fertita — whose portfolio in Landry includes the Golden Nugget Hotel and Casinos in Nevada and other states — is taking up six acres on the southeast corner of Las Vegas Boulevard and Harmon Avenue.
One source expects Fertita to finalize the acquisition within a few months. This source is like the others, reports LVRJ, Anonymity was granted to speak of a deal that “has not been finalized and has not been publicly announced by seller and buyer”.
Turin supports the plans
The site is adjacent to Planet Hollywood Resort and across from the CityCenter complex, home of the Aria. Fertitta already owns the Golden Nugget Las Vegas Hotel and Casino in downtown Vegas, so the purchase will expand his footprint in the heart of the gambling capital of the world.
real estate reporter LVRJ, Eli Segall, shared news of Fertitta’s property market move Wednesday via Twitter:
According to Segal, Vegas-based real estate developer Brett Torino described a luxury Fertita hotel as “fantastic” for this part of the strip. He reportedly heard many people discussing the billionaire’s plans to build a property on Las Vegas Boulevard, the intersection of Harmon Street.
“You have the opportunity to squeeze – I don’t know if that was his plan – a tremendous amount of construction and development on that site,” he told Vegas Daily.
We welcome industry news
Torino added that the site opposite the CityCenter complex – which also hosts the Vdara and Waldorf Astoria Las Vegas hotels, the apartment complex Veer Towers, and Crystals’ high-end shops – is “just waiting for development”.
If the rumors are true, it could be great news for The Strip, which has seen a massive exodus of several Vegas casino giants in recent months. For example, Las Vegas Sands has now vacated the sector entirely, finally closing its Venetian, The Palazzo, and The Venetian Expo Center sales in February.
As I mentioned LVRJ, Fertitta and his publicly listed media contacts, did not respond to pleas for comment on his plans. Partner/Portfolio Manager Spectrum Group Management Jeff Schaffer also declined to comment. His company currently owns the properties with other investors.
