Another potential new casino or resort in the pipeline?
Tilman Fertitta, the billionaire who owns the NBA's Houston Rockets as well as the downtown Las Vegas casino the Golden Nugget has closed on a 6.2-acre piece of land on the Strip for $270 million. That's $43 million per acre, according to a story in the Las Vegas Review-Journal. A sometimes reality TV star who made his fortune in the restaurant business, Fertitta has kept his Las Vegas Strip plans close to the vest.Source: https://www.thestreet.com/investing/another-huge-las-vegas-strip-casino-hotel-project-moves-closer"It could also lead to a ground-up project by Fertitta on Las Vegas Boulevard, an ultra-competitive tourist corridor that regularly sees fresh development plans, albeit with a mixed record of projects actually getting built," the paper's Eli Segall speculated. The property currently is home to retail including souvenir shops as well as a Tex-Mex restaurant and a motel that's currently closed. Fertitta could build a casino resort on the property or opt for a luxury hotel without a casino.