A billionaire NBA owner is planning a new Las Vegas Strip high-end casino

A billionaire NBA owner is planning a new Las Vegas Strip high-end casino ...

Most of the most recent hotel casino development plans on the Las Vegas Strip have centered on the North Strip, between The Strat and the Wynn Resort properties.

MGM Resorts International () and Caesars Entertainment (), which own over a dozen properties on The Strip, anticipate that most of their newest competition will take place from the North Strip in the near future. (While their operations are based on the Central and South Strip, they will).

The gaming and hospitality industries have to contend with a wide range of other entertainment options that lure customers away from their properties, such as a basketball/NHL-quality arena, concert venues, diverse virtual reality experiences, and even a huge Ferris wheel that includes onboard bars.

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Growth on the North Las Vegas Strip

The resort complex in Fontainebleau is planning a renovation later this year, which may draw away some business from the MGM and Caesars properties, as well as the property developer, who is planning to establish a hotel/casino concept.

The North Strip is also building a multibillion dollar NBA-ready arena that might attract an expansion team or move of an existing team. The project would likely include a hotel/casino component that would draw even more people away from the Central and South Strip casinos.

The majority of talk about changing the Central and South Strip has focused on Caesars possibly selling its Planet Hollywood Resort and Casino or another property.

Another huge new move has not been made public, which will direct challenge Caesars and MGM on their main turf.

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The Last Vegas Strip's New Player

Tilman Fertitta, a billionaire owner of the Golden Nugget casino in downtown Las Vegas, is reportedly planning to purchase a premium property on The Strip, located between Caesars' Planet Hollywood and the MGM Grand, to develop a new high-end casino project, according to sources. The property, at the southeast corner of Las Vegas Boulevard and Harmon Avenue, is also across the street from the Aria, Vdara, and Waldorf Astoria Las Vegas hotels, upscale Shops at Crystal

Fertitta, the CEO of Fertitta Entertainment, has claimed $200 million for the 6-acre site, which is currently occupied by a Travelodge motel, retail, and restaurant space. According to a source, Fertitta plans to close the acquisition in the coming months, but the deal hasn't been approved yet.

Fertitta received no response to the Review-Journal's request for comment, and Spectrum managing partner Jeff Schaffer rejected their request.

According to reports, Fertitta's proposed development site is adjacent to a 9.5-acre facility owned by Grindi Capital, which is planning a retail development.

Brett Torino, a Las Vegas developer, owns a three-story retail complex at the northeast corner of Las Vegas Boulevard and Harmon, and is developing a four-story retail project at the southwest corner of Las Vegas and Harmon.

Fertitta, who is currently worth $5.7 billion, bought the Rockets in October 2017 for $2.2 billion. Outside the Golden Nugget, he owns restaurant chains, including Landry's Seafood House, Bubba Gump Shrimp Co., and Saltgrass Steak House. In a $1.4 billion agreement, Landry's took private.

In September 2021, the billionaire wrote his first book, "Shut Up and Listen," about his career in the dining and entertainment business.

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