Tilman Fertitta, the owner of the Houston Rockets and operator of several casino resorts under the Golden Nugget brand, has hit pause on his ambitious plans to build a high-end hotel and casino on the Las Vegas Strip. Originally, the 6.2-acre plot at the corner of Harmon Avenue was set to become a towering 43-story resort with over 2,400 rooms and a variety of amenities, including restaurants, a spa, a wedding chapel, and even an auto showroom.
Fertitta acquired the property in June 2022 for $270 million. Soon after, he secured the necessary permits to demolish existing buildings, including a Travelodge and a tequila bar. However, while the land was cleared, construction never started. Today, the site is a parking lot charging nearly $15 for a few hours.
Why the sudden stop? Fertitta has shifted focus elsewhere—namely, his growing involvement with Wynn Resorts. He initially bought 6.1% of the company in late 2022, and as of March 2025, expanded his ownership to 12.3%, making him the largest single shareholder with an investment worth over $1.4 billion. Building a rival casino on the Strip would pose a clear conflict of interest with his stake in Wynn.
Adding to the complexity, Fertitta was confirmed as the U.S. Ambassador to Italy and San Marino in April. As part of this new diplomatic position, he has committed to stepping back from direct involvement in his business ventures to comply with government ethics guidelines.
According to a company executive, Fertitta will no longer pursue the Las Vegas resort project while he maintains his current investment in Wynn Resorts. Though the land remains cleared and ready, there are no active development plans for now—and possibly not for the foreseeable future.
