Billionaire businessman Tilman Fertitta has decided to put his ambitious plans for a luxury casino resort on the Las Vegas Strip on hold, citing a potential conflict of interest with his substantial stake in Wynn Resorts. Fertitta, now also serving as the U.S. ambassador to Italy, owns a notable 13 million shares in Wynn Resorts, which equate to approximately 11.85% of the company. Given this significant investment, Fertitta is now refraining from pursuing the Las Vegas Strip development, which would have directly competed with Wynn’s properties in the area.

Fertitta’s Plans for the Strip: A Bold Vision

The decision was confirmed by Steven Scheinthal, executive vice president and general counsel of Fertitta Entertainment, who stated, “Fertitta has no plans to continue with the project so long as he maintains his Wynn ownership,” emphasizing the conflict of interest between Fertitta’s business interests and his involvement with Wynn. His Wynn stake is valued at more than $1.4 billion, making him the largest shareholder in the company.

Fertitta’s vision for the Las Vegas Strip was ambitious. He acquired a 6.2-acre plot on the southeast corner of Las Vegas Boulevard and Harmon Avenue for $270 million in 2022, with plans to create a towering 43-story hotel and casino. The development, which had been dubbed “Center Strip,” was set to feature over 2,400 hotel rooms, multiple dining establishments, a spa, convention space, VIP lounges, a wedding chapel, and a 2,500-seat theater. It was positioned to transform the city’s skyline and add a significant new landmark to the Strip.

However, despite securing approvals for the project in 2022, including clearing the site of previous structures like the Travelodge motel, souvenir shops, and restaurants, the site currently sits as an undeveloped surface parking lot. Fertitta has yet to break ground on the development, and speculation about the project’s future has been growing throughout the year. Early statements from Fertitta Entertainment had indicated that all options for the property were still being considered, but the decision to pause the development was eventually made public in mid-2025.

Fertitta’s Growing Stake in Wynn and Its Impact on the Project

Fertitta’s involvement with Wynn Resorts began in 2022 when he purchased an initial 6.9 million shares in the company, coinciding with the approval of his Las Vegas Strip project. Over time, he increased his stake to 13 million shares. According to Las Vegas Review-Journal, his growing influence in Wynn Resorts created a direct conflict of interest, as Fertitta’s proposed high-end casino would directly compete with Wynn’s existing properties on the Strip. Wynn operates both the Wynn Las Vegas and Encore resorts, located just 1.5 miles from the Fertitta property.

Despite the halting of his Las Vegas casino development, Fertitta’s investments continue to make waves in the industry. His other business interests include owning the Golden Nugget casino chain and Landry’s Inc., a conglomerate that also owns numerous restaurants and entertainment venues.

Adding to the change in Fertitta’s priorities, his appointment as the U.S. ambassador to Italy in 2025 has shifted his focus away from his business ventures. To avoid any conflicts of interest with his new diplomatic role, Fertitta has pledged to step down from leadership positions at Fertitta Entertainment and its associated companies. His Senate confirmation as ambassador to Italy was finalized in April, marking a new chapter in his professional career. While Fertitta remains heavily involved in his business empire, he now appears more focused on his diplomatic duties.

This change in direction may also have an impact on the future of his casino plans. Nevada regulators had been scrutinizing Fertitta’s participation in Wynn Resorts earlier this year, raising questions about potential conflicts of interest and ethical concerns. With Fertitta now taking on a significant international role, the fate of his Las Vegas casino project remains uncertain.