Tilman Fertitta, prominent Houston-based restaurant and entertainment entrepreneur, has completed his purchase of a 6.2-acre plot of the south end of Las Vegas Boulevard for a final sale price of $270 million, according to public records.
The property, which closed for over $40 million per acre, was sold by Spectrum Group Management along with a few other minority investors. News of the acquisition first broke last month.
According to the Las Vegas Review-Journal, the site was purchased via Fertitta’s company Fertitta Entertainment, but the company has not disclosed its future development plans at this time. There is much speculation, however, that the real estate mogul has plans to build a new luxury casino resort on the property.
The plot currently features a closed motel and assorted retail stores, which are expected to be torn down to make way for new developments.
Jeff Schaffer, managing partner of Spectrum Group, told the Review-Journal that the property is a “prime jewel” due to its proximity to other resorts and retail properties such as the Shops at Crystals mall.
Although he already owns the Golden Nugget Downtown, a Strip casino could give Fertitta a serious foothold in southern Nevada—he is also the cousin of Frank and Lorenzo Fertitta, who own and operate Red Rock Resorts, which manages several Las Vegas locals casinos.
