Tilman FertittaOwner of Golden Nugget Casino and the Houston Rockets (NBA), among other efforts, purchased 6.2 acres of land on the Las Vegas Strip for $270 million.
If you do the math, that’s about $43.5 million per acre.
Fertitta remains tight on its property acquisition plans, but many expect the area to be redeveloped. Located on Las Vegas Boulevard and Harmon Ave.the location currently houses a Travelodge motel, shopping center and parking lot.
Location is all on the Las Vegas Strip
The land purchased by Fertitta is opposite the City Center Complex, which includes the Aria, the Cosmopolitan and several other lavish properties.
Worth an estimate $5.5 billionFertitta already owns a casino in Las Vegas, 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 Schafferthe managing partner of Spectrum Group Management, owned the property along with a few other investors.
“We are excited to see what Fertitta is doing with [the land]”, Schaffer told the Las Vegas Review-Journal.
Experts speculate on a 10 figure investment Fertitta would be needed to build a state-of-the-art casino. Additionally, it would be the Houston billionaire’s first “from the ground up” casino built in his career.
Money to invest in more of his gaming projects
Fertitta has been busy expanding his casino empire. Not only did he pave the way for another Golden Nugget casino, but he also completed his sale of the Golden Nugget online casino to DraftKings.
In April, Golden Nugget Casino Danville has innovated in Illinoiswhich makes it the sixth casino in Fertitta’s portfolio.
The property will feature 41,500 square feet of gaming space, with 500 slot machines and 14 table games. In addition to two restaurants, there will also be a Golden Nugget Sportsbook. It is expected that the casino open by March 2023.
On May 5DraftKings completed its all-stock acquisition of Golden Nugget online game. Originally valued at $1.56 billion, while $GNOG stock traded at $12, the deal closed at $365 million.