Basketball tycoon plans new high-end casino on Las Vegas Strip.
On the Las Vegas Strip, Tilman Fertitta owner of a Basketball club plans to develop a high-end casino to compete with Caesars and MGM The North Strip, between The Strat and the Wynn Resort complexes, has recently been the focus of new hotel-casino construction plans. MGM Resorts International (MGM) and Caesars Entertainment (CZR) own
With a dozen hotels on The Strip, expect to see most of their newest competitors in the next years come from the North Strip. (Though they operate in the Central and South Strips.) In addition to hotel and casino competition,
the gaming and hospitality giants have to contend with a wide array of other entertainment choices that draw customers away from their properties, including an NBA/NHL-quality arena, concert venues, various virtual reality experiences, and even a huge Ferris wheel that includes onboard bars
NORTH LAS VEGAS STRIP GROWTH To compete with MGM and Caesars, the Siegel Group has purchased 10 acres on the North Strip to establish a hotel/casino concept. It also plans a multi-billion dollar NBA-ready facility that may attract an expansion franchise
or a relocated team. The proposal would certainly feature a hotel/casino component that would siphon even more revenue away from the Central and South Strip casinos.
With all the new development attention on the North Strip, most of the chatter regarding changes in the Central and South Strip has centered around Caesars possibly selling its Planet Hollywood Resort and Casino or maybe another property. Now, however, another significant new plan has become public that will directly threaten Caesars and MGM on their main turf.
NEWCOMER TO LAST VEGAS STRIP NBA Tilman Fertitta, owner of the Houston Rockets and the Golden Nugget in downtown Las Vegas, is looking to buy valuable property on The Strip between Caesars’ Planet Hollywood and the MGM Grand,
sources told the Las Vegas Review-Journal. The property is across the street from the Aria, Vdara, and Waldorf Astoria Las Vegas hotels, the upmarket Shops at Crystal, and the Veer Towers condominium complex. The 6-acre site is currently occupied by a Travelodge motel, retail, and restaurant space. Spectrum Group Management owns the property.
According to the Review-Journal, Fertitta expects to close the deal in the coming months, but nothing has been finalized. The Review-efforts Journal’s for comment from Fertitta and Spectrum managing partner Jeff Schaffer went unanswered. The 9.5-acre plot owned by Grindi Capital is adjacent to Fertitta’s proposed development, according to the article.
A four-story retail project is planned at the southwest intersection of Las Vegas Boulevard and Harmon. Fertitta bought the Rockets for $2.2 billion in October 2017. He owns the Golden Nugget as well as Landry’s Seafood House, Bubba Gump Shrimp Co., and Saltgrass Steak House. He bought Landry’s for $1.4 billion in 2010. In September 2021, the billionaire published “Shut Up and Listen” about his career in eating and entertainment.