Eight months after acquiring land in Nevada, Tilman Fertitta has yet to decide if he will build a new Las Vegas casino.
Fertitta purchased the 6.2 acres of land at Las Vegas Boulevard and Harmon Avenue in June for $270 million. But during a recent Nevada Gaming Control Board (NGCB) hearing, representatives from Fertitta Entertainment said high inflation costs are posing problems.
Speaking with the Nevada Independent, Steven Scheinthal, vice president of Fertitta Entertainment, said:
“What we’re doing is going through with our options and trying to understand what the development process would entail. Tilman, at some point, can decide whether he wants to go forward or not.”
In October, the Clark County Commission approved Fertitta’s plans for a new casino resort across from MGM Resorts’ CityCenter. However, according to Scheinthal, high inflation is driving up construction costs.
Around the time of the Clark County approval, Jeff Cantwell, executive vice president of development for Fertitta Entertainment, said: “We have acquired a truly unique piece of real estate and are actively exploring this development opportunity. While we continue to go through the review and planning process, no firm decision has yet been made concerning our future plans.”
Experts speculate another reason Fertitta could be taking his time is his investment in Wynn Resorts.
Last year, Fertitta purchased 6.91 million shares of Wynn Resorts, making him the second-largest individual shareholder with 6.1%. Given multiple scenarios, the Houston Rockets owner could pursue a takeover bid for Wynn using sales from the strip land as capital.
Of course, everything is mere speculation. Fertitta has remained tight-lipped on his investment in Wynn and future plans with the company. In addition to properties in Nevada, Golden Nugget casinos are located in five other states.
Fertitta’s net worth is around $7.7 billion, including several other businesses and a restaurant empire.
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