Billionaire businessman Tilman Fertitta paused his plans to develop a new luxury casino resort on the Las Vegas Strip due to a potential conflict of interest arising from his growing stake in Wynn Resorts. The proposed resort, the Center Strip, was supposed to feature 2,400 rooms and a 2,500-seat theater at the corner of Las Vegas Blvd. and Harmon Avenue.
Key Takeaways
- Tilman Fertitta further paused his plans to develop a new luxury casino resort on the Las Vegas Strip.
- Fertitta backed out of the project due to a conflict of interest. The billionaire currently holds 13 million shares in Wynn Resorts.
- The casino, dubbed Center Strip, was meant to feature 2,400 rooms and a 2,500-seat theatre.
"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," Steven L. Scheinthal, executive vice president and general counsel with Fertitta Entertainment, said in a statement confirmed by KSNV News 3.
Despite no further developments of the Center Strip, Las Vegas is still primed to get more retail projects. Mayor Shelly Berkley announced the Circa 2 Casino & Resort, a project by Derek Stevens, which is being planned for the northeast corner of Symphony Park.
Fertitta steps back as CEO of Landry’s following ambassadorial appointment
While Feritta’s conflict of interest might be the main reason he put Center Strip development on hold, he has also committed to resigning as CEO and chair of Fertitta Entertainment and Landry’s due to his appointment as the Ambassador to Italy and San Marino.
In an ethics filing submitted to the Office of Government Ethics, Fertitta outlined his decision to step down from leadership roles at a hospitality giant that features over 600 restaurants, hotels, casinos, entertainment venues, and several civic boards. The latter includes the University of Houston Systems and the Texas Heart Institute.
However, Fertitta will retain ownership of the Houston Rockets, which, according to the regulators, doesn’t constitute any conflict of interest. Yet, he will receive passive investment income from his investments.
Fertitta-owned Wynn Resorts drops out of New York casino License race
In other news, Fertitta-owned Wynn Resorts has also withdrawn its bid for a New York casino license, citing ongoing political hurdles and rezoning challenges. This marks the second major exit from the New York casino race, after Las Vegas Sands dropped its plans for a casino at the Nassau Coliseum site.
Industry insiders say that the bidding process in New York is overly politicized, costly, and plagued by many delays, with success often depending on political influence, rather than proposal quality.
Spokespeople for Wynn emphasized that any casino operator in New York is likely to face years of fierce opposition, making the market unattractive for future investments.
