Tillman Buys Fertita Six Acres on the Las Vegas Strip for $270 Million

Billionaire Houston Tilman Fertitta has flagged the sector.

Fertita on Wednesday completed the acquisition of nearly 6.2 acres of real estate on the southeast corner of Las Vegas Boulevard and Harmon Street, according to property records and business entity filings.

Records show his purchase price, $270 million, to be more than $43 million an acre.

A source at Fertitta’s subsidiary Fertitta Entertainment confirmed to the Review-Journal that the deal has closed but did not say what they plan to do with the site.

Spectrum Group Management managing partner Jeff Schaffer, whose company owned the property with other investors, said Fertitta entered into a contract to buy the site from his group about six months ago.

As Schafer sees it, Fertitta has picked up a “major gem” property—a corner plot with heavy traffic outside as well as massive resorts, apartment towers, and shops like the luxury malls at nearby Crystals.

“We’re excited to see what he’s going to do with it,” Schaeffer said Wednesday.

Fertitta owns the Golden Nugget in downtown Las Vegas, although his purchase from the Gaza Strip gives the 64-year-old restaurant and entertainment mogul a foothold in the heart of America’s casino capital.

It could also lead to a land project by Fertitta on Las Vegas Boulevard, a highly competitive tourist corridor that regularly sees new development plans, albeit with a mixed record of projects already being built.

The Review-Journal reported in April that Fertita was in the process of acquiring the property, which includes a collection of souvenir and other retail stores, a Tex-Mex restaurant and a now-closed motel property.

Sources at the time said he was buying up the difference for more than $200 million and planning to build a luxury hotel.

Developer Britt Torino, who owns a three-story retail complex on the northeast corner of Las Vegas Boulevard and Harmon Streets and is building a four-story retail project on the southwest corner, said in April that a luxury Fertita hotel would be “cool.” For this extension of the sector.

“You have the opportunity to squeeze – I don’t know if that was his plan – a massive amount of construction and development on that site,” Torino said at the time.

Fertitta, owner and CEO of Fertitta Entertainment, controls a company empire that spans restaurants, hotels and professional sports, and has more than 50,000 employees.

His holdings include restaurant chains such as Bubba Gump Shrimp Co. and Joe’s Crab Shack; Golden Nugget casinos in Nevada and other states; The Houston Rockets basketball team.

Fertita was also the star of CNBC’s “Billion Dollar Buyer” reality show and author of the business book “Shut Up and Listen!” Which, as described on Amazon, offers “hard-earned practical wisdom from one of the world’s most successful business owners.”

He is the cousin of brothers Frank Fertita III and Lorenzo Fertita, Chairman, CEO and Vice President, respectively, of station casinos parent company Red Rock Resorts.

Contact Eli Segall at [email protected] or 702-383-0342. Follow Tweet embed on Twitter.

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