Billionaire Tilman Fertitta won't pursue Las Vegas Strip resort after all

By Matthew Seeman

LAS VEGAS (KSNV) — Billionaire businessman Tilman Fertitta won't pursue a Las Vegas Strip resort after all -- at least for now.

Steven L. Scheinthal, an executive vice president and general counsel with Fertitta Entertainment, confirmed the development with News 3.

"As the largest shareholder of Wynn Resorts with 13 million shares valued at over $1.4 billion, Fertitta views a competing high-end strip casino as a conflict of interest and therefore, has no plans to continue with the project so long as he maintains his Wynn ownership," Scheinthal said in a statement.

The Houston Chronicle first reported the news.

Fertitta became a principal shareholder in Wynn Resorts earlier this year after his stake in the company crossed the 10% threshold. This means he is subject to greater federal scrutiny for potential insider trading.

Before he started building his stake in Wynn Resorts, Fertitta pursued a casino-hotel project at the southeast corner of Las Vegas Boulevard and Harmon Avenue.

Tentatively called Center Strip, the resort was slated to feature over 2,400 rooms and a 2,500-seat theater. Buildings at the corner were leveled, but the site currently only hosts a parking lot.

His company, Landry's Inc., also owns the Golden Nugget hotel & casino chain, which includes the resorts in downtown Las Vegas, Laughlin and Stateline, Nevada.

Fertitta is currently serving as ambassador to Italy and San Marino. He told federal officials that he would resign as CEO if confirmed as ambassador to avoid any potential conflict of interest.