Billionaire Tilman Fertitta Officially Suspends Vegas Strip Casino Plans

Posted on: July 31, 2025, 03:33h. 

Last updated on: July 31, 2025, 03:33h.

Corey Levitan Read More
Expertise: Commercial Gaming, Entertainment, Expert Insight, Las Vegas, Restaurants, Vegas Myths Busted.
  • Tilman Fertitta has put the official kibosh on building a Las Vegas Strip resort
  • As the largest minority shareholder in Wynn Resorts, the billionaire says that owning a competing resort would be a conflict of interest
  • The 6.2 acres he owns at Harmon Avenue and Las Vegas Boulevard will now function as a surface parking lot for the foreseeable future

He paved Paradise, Nev. and put up a parking lot. But Houston Rockets owner and casino and dining mogul Tilman Fertitta originally planned to turn the 6.2 acres of Strip land he purchased at the corner of Harmon Avenue into a 43-story, 2,420-room luxury casino hotel. And those plans are now on permanent hold.

This composite photo shows a rendering of the casino resort Tilman Fertitta proposed to construct on the Las Vegas Strip in 2022. (Images: Clark County, texasbusiness.org, Casino.org)

Fertitta is no stranger to owning and operating casino resorts. His Fertitta Entertainment recently purchased the Hard Rock Hotel & Casino Lake Tahoe, changing its name to align with the Golden Nuggets Fertitta owns in downtown Las Vegas, Laughlin, Colorado, Illinois, Lake Charles, Atlantic City and Biloxi.

In June 2022, Fertitta paid $270 million for his Strip parcel, getting Clark County to approve demolition and building permits in October of that year. His resort never had a name, but was going to have restaurants, convention space, a wedding chapel, a spa, a lounge, a movie theater and even an auto showroom.

Tillman’s 6.2 acres as they appeared after he bulldozed the buildings previously occupying the site, which included a Travelodge and the Tex Mex Tequila Bar & Grill. The area now serves as a paid parking lot. (Image: Google Street View)

But other things got in the way, and now Fertitta’s dream parcel is a surface lot that charges $14.99 for up to three hours of parking.

The biggest obstacle was Fertitta’s acquisition of 6.9 million outstanding shares of Wynn Resorts, giving him a 6.1% ownership stake in the casino corporation.

Ironically, according to a Securities and Exchange Commission filing, Fertitta made his $385 million stock purchase on the same day (Oct. 19, 2022) as his casino resort was approved by Clark County.

In March 2025, Fertitta paid $143 million to increase his Wynn portfolio to 13 million shares, officially making him a minority shareholder with a 12.3% stake in the corporation.

“Currently, Fertitta has no plans to continue with the development of the 7-acre tract located on the Las Vegas Strip,” Steven L. Scheinthal, an executive VP and general counsel with Fertitta Entertainment, Inc., said in a statement. “As the largest shareholder of Wynn Resorts with 13 million shares valued at over $1.4 billion, Fertitta views a competing high-end strip casino as a conflict of interest and therefore, has no plans to continue with the project so long as he maintains his Wynn ownership.”

It’s 6.2 acres, by the way, not 7, but who’s counting?

Fertitta also hit the pause button on his casino resort due to his current role as US Ambassador to Italy and San Marino, for which he was confirmed in April.

In a March 16, 2025 letter to the US Office of Government Ethics, cited by the Houston Chronicle, Fertitta outlined his plan to resign from his positions at Fertitta Entertainment and other entities, to avoid conflicts of interest if confirmed as ambassador.

His resignation limited his direct involvement in the resort project, as he committed to receiving only passive investment income and not providing services material to income production.