Houston Rockets owner Tilman Fertitta is expanding his business empire — and going up against casino giants like Caesars Entertainment and MGM Resorts International.
Fertitta is purchasing land on the Las Vegas Strip with plans to build a high-end casino.
- Fertitta will pay $200 million for a six-acre site situated between the MGM Grand and Caesars’ Planet Hollywood.
- The deal is not yet final, but Fertitta reportedly expects to close the transaction before the end of the summer.
- The site currently holds a Travelodge motel, as well as retail and restaurant locations.
The restaurant and casino mogul’s Fertitta Entertainment sold Golden Nugget Online Gaming to DraftKings in a $1.6 billion all-stock deal last August, but retained ownership of Golden Nugget. Fertitta Entertainment also owns restaurant chain Landry’s.
Not So FAST
Last year, Fertitta Entertainment agreed to merge with a SPAC, FAST Acquisition Corp., in a deal valuing the combined company at $8.6 billion.
In December, the two sides called off the deal following a dispute in which Fertitta sought to back out. FAST challenged that move, saying that Fertitta Entertainment was legally compelled to proceed.
Fertitta Entertainment will pay up to $33 million to extract itself from the arrangement, partly contingent on whether FAST goes on to merge with another company.