The Golden Nugget casino in Las Vegas owner can commence building a casino resort in Las Vegas Strip after gaining approval from the Clark County Zoning Commission. Tilman Fertitta has been thinking about building a new integrated casino resort in the heart of the Sin City Strip for a while now.
He earlier bought 6.2 acres of land at Las Vegas Boulevard for $270 million in preparation for the new casino. The property will sit along Harmon Avenue at the currently closed Travelodge. The 6.2 acres of land include the strip mall facing the Strip and the motel’s parking lot.
This is the first investment Tilman is making on the Strip. His initial plan included building a luxury 43-story hotel. It will have several restaurants, a wedding chapel, a convention center, a 2,500-seat theater, a spa, and 2.420 guestrooms.
The billionaire expressed through attorney Rebecca Miltenberger that he was excited to bring the casino project to success. Rebecca also confirmed that the project would be a top-drawer casino resort. Fertitta Entertainment expects to finish the project in two years.
A Prime Location for a Bougie Casino
Fertitta has several luxury properties, including Golden Nugget casinos in Biloxi, Atlantic City, Lake Charles, La, Laughlin, and Las Vegas. His third cousins, Frank Fertitta III and Lorenzo, also run Red Rock Resorts and Station Casinos. However, none of them have a property on the Strip.
Tilman will soon change this in the next two years. However, he will have to part away with at least $3 billion to bring his dream to reality.
He has already parted with around $270 million for the land. The billionaire targeted the heart of the most famous city in the world, a scarce resource with a premium price.
The new casino will sit across the highest-rated resorts in Southern Nevada. These include Waldorf Astoria, Vdara, Aria, and Cosmopolitan.
The shops at the CityCenter offer bougie retailer shopping. It hosts brands such as Vuitton, Prada, Valentino, Versace, Cartier, Burberry, Gucci, and Dolce & Gabbana.
The company executing the Strip casino project is yet to release details. Fertitta Entertainment has not given a timeline for when the Travelodge will be demolished to pave the way for the new casino’s construction.
The developer is yet to release the projected budget. However, according to David Katz of Jefferies Gaming, the casino project will cost not less than $3 billion.
Changes on the East Side
The differences between the east and west sides of Las Vegas are significantly visible. The west side is lavish, while the east is not yet there. But, with changes coming to the Travelodge, this could change.
Changes are also expected at the Hawaiian Marketplace along Southern Las Vegas Blvd. Earlier this year, the owner of Hawaiian Marketplace and Cable Center Shops gave the notice to end leases for tenants.
Gindi Capital, a real estate developer based in New York, wants to remove the existing structure and build a new complex. The 300k square foot structure will host high-end retail shops and restaurants. Gindi bought the 9.5 acres in 2019 for $172 million.
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