Billionaire indefinitely pauses plan to build 43-story hotel on Vegas Strip
A prime property on the Las Vegas Strip will remain an empty lot, filled only by parking, for the foreseeable future, its owner confirmed to multiple media outlets last week. Despite approvals for a 43-story tower, billionaire Tilman Fertitta’s plans for a new casino are on hold.
In 2022, Fertitta paid $270 million for a 6.2-acre lot at the corner of Las Vegas Boulevard and Harmon Avenue. At the time, the property, which is directly across the street from the Shops at Crystals, was home to a Travelodge, a bank of souvenir kiosks and a corner restaurant called Tex Mex Tequila Bar and Grill. The buildings were demolished by the end of the year to make way for a 2,400-room hotel with a wedding chapel, theater and auto showroom. For reference, a 43-story casino would be smaller than the 52-story Cosmopolitan nearby.
But since then, the property has sat vacant, save for a lot that charges $14.99 for up to three hours of parking. Now, a spokesperson for Fertitta Entertainment has confirmed the empty lot is here to stay: Because Fertitta owns 12% of the shares in Wynn Resorts, he’s decided it’s a “conflict of interest” for him to build a competitor casino on the Strip. A spokesperson told the Las Vegas Review Journal that Fertitta “has no plans to continue with the project so long as he maintains his Wynn ownership.”
By Katie Dowd