Tilman Fertitta puts the brakes on Vegas Strip resort project
He has cited a conflict of interest as the reason for this decision.
Key Points
- Recent stakeholder acquisitions in Wynn Resorts have resulted in potential conflict of interest for the new casino resort project
- The new resort was slated to be on the corner of Las Vegas Boulevard and Harmon Avenue
Billionaire businessman Tilman Fertitta has decided not to move forward for now with a new casino resort project on the Las Vegas Strip, according to the Houston Chronicle and New 3 local reports.
The casino resort, Center Strip, was designed to offer more than 2,400 rooms and a 2,500-seat theater on the southeast corner of Las Vegas Boulevard and Harmon Avenue, according to the local report.
However, Fertitta recently began acquiring a stake in Wynn Resorts, which now exceeds 10% of the company.
Fertitta Entertainment Executive VP and general counsel Steven L. Scheinthal explained to local news why the billionaire has backed away from the project.
He said in a statement, “As the largest shareholder of Wynn Resorts with 13 million shares valued at over $1.4bn, Fertitta views a competing high-end strip casino as a conflict of interest and therefore, has no plans to continue with the project so long as he maintains his Wynn ownership.”
In other local news, Las Vegas Mayor Shelly Berkley recently announced plans for Circa 2 Casino & Resort to occupy space on the northeast corner of Symphony Park, according to a local news report from KLAS.
The mayor revealed the potential plans during her State of the City address at a recent Symphony Park neighborhood gathering.
She said in a statement, “These projects, along with the new medical office building, plans for a new art museum envisioned by Elaine Wynn and her team.
“And a casino developed by Derek Stevens on the northeast corner of Symphony Park, are all in our future.”
Derek Stevens developed the project. The new facility would be located behind the existing Circa Parking Garage, the site known as the Garage Mahal, the local report said.
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