Demolition work has begun on Tilman Fertitta’s recently acquired 6-acre property on the Las Vegas Strip near Harmon Avenue, as the Travelodge motel that had been standing on the site for nearly 60 years was reduced to rubble starting November 9.
The plot also included a number of retail storefronts and a tattoo parlor, all of which have begun to be torn down as well. All of the buildings had been vacated and closed since Fertitta acquired the space for $270 million back in June.
When asked for comment on November 10 by the Las Vegas Review-Journal, representatives from Fertitta Entertainment, the billionaire’s primary organization, said that there were “no updates we can share at this time.”
In October, the Clark County Commission gave the go-ahead for Fertitta to build a 43-story, 2,400-plus room integrated resort (IR) on the property, which, at just over 6 acres, is much smaller than the standard resort space.
Regardless, Rebecca Miltenberger, an attorney and spokesperson for the project, told commissioners that the end result would be a “high-end” destination resort, one that will come to fruition “over the next two years.”
Other amenities include dining options, an auto showroom, meeting space, spa, high-limit rooms and an entertainment venue.
Despite his other ventures, Fertitta has become extremely aggressive in pursuing investment opportunities within the casino industry—in addition to his ongoing resort project, the Houston-based entrepreneur also recently acquired a 6.1 percent stake in Wynn Resorts Ltds., equivalent to approximately 6.9 million shares.
That now makes Fertitta the second-largest individual investor in the company, behind only Elaine Wynn. Some have posited that this could be the beginning of a full takeover bid given his previous investment history, but as of now it appears to be a passive investment.
When asked about the stock acquisition on the company’s recent third-quarter earnings call on November 9, Wynn CEO Craig Billings said that above all, it was a smart investment, and nothing much more than that.
“All in all, I think it’s just a great recognition of the value of our equity,” said Billings. “There’s not much more to say about that.”
