Casino venture on Las Vegas Strip abandoned by Tilman Fertitta
Billionaire Tilman Fertitta Shelves Las Vegas Casino Project
Tilman Fertitta, the U.S. ambassador to Italy, has officially put his Las Vegas Strip casino project on hold due to a conflict of interest arising from his large ownership stake in Wynn Resorts.
Fertitta, a billionaire from Houston, purchased the site for $270 million in 2022, with plans for a 43-story hotel-casino tower boasting over 2,400 rooms and extensive amenities. However, the project has yet to break ground, with the property serving as a parking lot for the time being.
Clark County granted Fertitta's company, Fertitta Entertainment, a one-year extension to start construction, now due by October 19, 2025. Yet, no progress has been made towards groundbreaking.
The pause in the project is also attributed to Fertitta's diplomatic duties as U.S. ambassador to Italy, which began in April 2025.
Steven Scheinthal, executive vice president and general counsel for Fertitta Entertainment, stated that a competing high-end casino on Las Vegas Boulevard is considered a "conflict of interest" by Fertitta. Scheinthal made this statement to the Las Vegas Review-Journal on Tuesday, and a similar statement was reported by Houston news site Chron.com last week.
According to Scheinthal, Fertitta has no plans to proceed with the development as long as he maintains his Wynn Resorts shares. This decision means that the casino project is effectively shelved for at least the duration of Fertittaโs Wynn ownership and diplomatic tenure, with no clear timeline for when or if it will resume.
The casino project in question is still connected to Wynn Resorts, as Fertitta's ownership in the latter continues to impact the former. The news about the postponed casino project was also reported by Eli Segall of the Las Vegas Review Journal.
[1] Las Vegas Review-Journal
[2] Chron.com
[3] CBS News
[4] Bloomberg
- The shelved Las Vegas casino project, owned by billionaire Tilman Fertitta, is part of a casino culture that Las Vegas is known for.
- Despite the hiatus in construction, the casino-and-gambling industry in Las Vegas remains heavily influenced by projects like Fertitta's, contributing to the city's enduring casino culture.
