Share
Tilman Fertitta, owner of Golden Nugget Casino and the Houston Rockets (NBA), among other endeavors, has purchased 6.2 acres of land on the Las Vegas Strip for $270 million.
If you’re doing the math, that’s roughly $43.5 million per acre.
Fertitta remains tight on his plans for his real estate acquisition, but many expect the area to be redeveloped. Located on Las Vegas Boulevard and Harmon Ave., the location is currently home to a Travelodge motel, strip mall, and parking lot.
Location is everything on the Las Vegas Strip
The piece of land purchased by Fertitta sits across from the CityCenter complex, which features the Aria, Cosmopolitan, and several other lavish properties.
Worth an estimated $5.5 billion, Fertitta already owns a Las Vegas casino, his downtown Golden Nugget property.
The Las Vegas Golden Nugget Casino has 2,419 hotel rooms and 38,000 square feet of gaming space.
Jeff Schaffer, the managing partner at Spectrum Group Management, owned the property with a few other investors.
“We’re excited to see what Fertitta does with [the land],” Schaffer told the Las Vegas Review-Journal.
Experts speculate a 10-figure investment would be needed from Fertitta to build a state-of-the-art casino resort. Furthermore, it would be the Houston billionaire’s first “from the ground up” casino build in his career.
Money to invest in more of his gaming projects
Fertitta has been busy expanding his casino empire. Not only has he broken ground on another Golden Nugget Casino, but he also closed on his sale of Golden Nugget Online Casino to DraftKings.
In April, Golden Nugget Casino Danville broke ground in Illinois, making it the sixth casino in Fertitta’s portfolio.
The property will feature 41,500 square feet of gaming space, complete with 500 slot machines and 14 table games. In addition to two restaurants, there will also be a Golden Nugget Sportsbook. Expectations are for the casino to open by March 2023.
On May 5, DraftKings completed its all-stock acquisition of Golden Nugget Online Gaming. Originally valued at $1.56 billion, when $GNOG stock was trading at $12, the deal closed at $365 million.
