Tilman Fertitta, a prominent Houston billionaire, has put his plans for a new casino project on the Las Vegas Strip on hold. The decision comes as he holds a significant ownership stake in Wynn Resorts, which he perceives as a potential conflict of interest. Fertitta, who is now serving as the U.S. ambassador to Italy, owns approximately 13 million shares in Wynn, making him the largest shareholder with a stake valued at over $1.4 billion.
Fertitta had initially purchased a site on the Strip for $270 million, intending to build a luxury hotel-casino. The proposed development included a 43-story tower with various amenities. However, despite securing necessary approvals and clearing the site, the project remains uninitiated as Fertitta weighs his options while maintaining his investment in Wynn.
The land, previously housing a Travelodge motel and other businesses, is currently used as a parking lot. Fertitta has been granted an extension until October 2025 to begin construction. His ambassadorial role and the potential conflict of interest with Wynn have led to the current pause in development plans. Fertitta’s commitment to avoiding conflicts extends to resigning from his corporate roles, should his ambassadorial duties require it.