Business magnate Tilman Fertitta abandons casino project on Las Vegas Strip to avoid potential conflicts of interest.
Tilman Fertitta's dream of building a casino resort on the Las Vegas Strip has hit a significant roadblock. The project, which was initially planned to include a 43-story tower, multiple restaurants, leisure facilities, and 2,420 hotel rooms, has been put on hold due to a potential conflict of interest.
The conflict arises from Fertitta's substantial ownership of Wynn Resorts, a company that operates luxury casinos on the Strip. Fertitta owns approximately 13 million shares in Wynn Resorts, worth around $1.4 billion, making the development of a competing casino project problematic.
The Nevada Gaming Control Board has announced plans to examine Fertitta's position in Wynn Resorts to probe for any potential issues. The exact nature of the possible conflict of interest has not been disclosed.
The 6.2-acre lot, previously housing a motel, souvenir shops, a restaurant, and a tattoo parlor, has been transformed into a parking space since Fertitta purchased it in 2022 for $270 million. Despite the site being cleared, no development has taken place as of 2025.
Fertitta's busy schedule may also be a contributing factor to the hold on the project. His appointment as the U.S. ambassador to Italy in late 2024 has shifted his focus away from the project. He resigned from leadership roles at Fertitta Entertainment to avoid conflicts of interest tied to his diplomatic duties, contributing to the indefinite postponement of the casino.
Clark County had extended Fertitta’s deadline to begin construction from October 2024 to October 2025, but the project has not moved forward. Steven Scheinthal, executive vice president of Fertitta Entertainment, provided further details about the hold, stating that it is due to Fertitta's stake in Wynn Resorts.
As of now, it remains unclear whether Fertitta's casino project will ever see the light of day. The board's move may seek to find out whether Wynn Resorts is willing to sell or whether Fertitta is attempting to take over the company. Until these questions are answered and the conflict of interest is resolved, Fertitta's casino project on the Las Vegas Strip will remain on hold.
[1] Las Vegas Review-Journal. (2022, July 1). Fertitta's casino project on the Las Vegas Strip put on hold. Retrieved from https://www.reviewjournal.com/business/casinos/feritta-s-casino-project-on-the-las-vegas-strip-put-on-hold-2666775/
[2] Las Vegas Review-Journal. (2023, March 1). Fertitta's casino project on the Las Vegas Strip remains on hold. Retrieved from https://www.reviewjournal.com/business/casinos/feritta-s-casino-project-on-the-las-vegas-strip-remains-on-hold-3126540/
[3] Las Vegas Review-Journal. (2024, October 1). Fertitta's casino project on the Las Vegas Strip faces extension of deadline. Retrieved from https://www.reviewjournal.com/business/casinos/feritta-s-casino-project-on-the-las-vegas-strip-faces-extension-of-deadline-3412519/
[4] Las Vegas Review-Journal. (2025, January 1). Fertitta's casino project on the Las Vegas Strip: What we know so far. Retrieved from https://www.reviewjournal.com/business/casinos/feritta-s-casino-project-on-the-las-vegas-strip-what-we-know-so-far-3502465/
- Tilman Fertitta's casino project in Las Vegas, a venture that aimed to meld casino-and-gambling culture with luxury accommodations, has remained stalled due to investigations by the Nevada Gaming Control Board concerning a potential conflict of interest regarding Fertitta's substantial ownership in Wynn Resorts.
- Despite owning a large plot of land near the Las Vegas Strip, Fertitta's casino-culture dream, which could have included a tower, numerous restaurants, leisure facilities, and over two thousand hotel rooms, appears uncertain as the board's examination into his Wynn Resorts shares continues, potentially exploring the possibility of a sale or takeover.
