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A billionaire shocked Vegas locals after he turned a prime $270 million parcel of land into a parking lot on the city’s iconic Strip.
Tilman Fertitta, a Texas businessman who serves as the US ambassador to Italy, had plans to build a luxury Las Vegas resort on the Nevada city’s ‘Center Strip,’ just across from the upscale mall The Shops at Crystals.
He purchased the land in 2022 before filing to transform it into a 43-story, 2,240-room hotel and casino, fit with a spa, wedding chapel, restaurants, an auto showroom and more, according to county records obtained by the Las Vegas Review-Journal.
Fertitta’s project started to come to life, as Clark County commissioners approved his plan in October 2022 and the county Building Department issued three demolition permits to tear down the previous structures on the site that same day.
But, all of that came to a halt after President Donald Trump announced Fertitta, 68, was nominated to serve as the ambassador to Italy in December.
Fertitta, who already owns Golden Nugget Casinos and the NBA’s Houston Rockets, wrote a letter to the State Department in March detailing the steps he planned to take to avoid conflict with his approved nomination, which included him resigning from his corporate positions and leaving the luxury resort in the wind.
His company, Fertitta Entertainment, did not specify if the resort would one day be built while the parking lot opens its doors to the public.
‘All options remain under consideration,’ a spokesperson with the hospitality and entertainment company told Daily Mail.
Tilman Fertitta, a Texas businessman who serves as the US ambassador to Italy , had plans to build a luxury Las Vegas resort on Nevada city’s ‘Center Strip.’ (Pictured: Fertitta and Drake in 2024)
Instead, he created a new self-run parking lot that charges a minimum of $14.99 for up to three hours. (Pictured: File image of the Las Vegas Strip)
The six-acre lot is now home to a new self-run parking lot that charges a minimum of $14.99 for up to three hours.
The space has no ticket machines, barrier arms or attendants on site, leaving drivers to dictate when they want to park there by scanning a QR code to enter their payment method, phone number, and how long they plan to leave their car there.
‘Just drive out when you’re ready and we’ll automatically charge your account,’ a sign on the lot’s fence read.
The lot was previously home to souvenir shops, a Tex-Mex restaurant, Travelodge Motel and a tattoo parlor.
After buying and demolishing what was there, a shift in plans arose in Spring 2023 when Fertitta, who is worth $11.3 billion, announced Las Vegas casino executive Maurice Wooden had joined the company as president of luxury hotel development.
Then, in early 2024, Wooden was named president of the new and luxurious hotel, Fontainebleau Las Vegas.
Afterward, Fertitta asked for a time extension on what was set to be a new resort on the lot.
Rebecca Miltenberger, an attorney with Brownstein Hyatt Farber Schreck, who represents the billionaire, told the Las Vegas Review-Journal he was ‘diligently working through the development process’ at the time.
The space (pictured) has no ticket machines, barrier arms or attendants on site, as drivers dictate when they want to park there by scanning a QR code to enter their payment method, phone number, and how long they plan to leave their car there
Fertitta (pictured July 2) wrote a letter to the State Department in March detailing the steps he planned to take to avoid conflict with his approved nomination, which included him resigning from his corporate positions and leaving the luxury resort in the wind
Unfortunately, he was ‘not able to obtain all necessary permits’ that he needed to start construction before approvals on the structure expired, Miltenberger wrote in a letter to the county last fall.
Fertitta then faced an October 9, 2024 construction deadline, she added.
County officials went on to approve an extension, giving him until October 19, 2025 to start working on the plan, according to records.
While it remains unclear if he will follow through with his plan to build the resort, other developers might have their eyes on the land, including Eli Gindi.
The New York developer, who built the new BLVD retail complex next to Fertitta’s land, told the outlet he considers the Texas businessman to be ‘one of the smartest guys in the world’ who will build the property if he desires.
Still, Gindi is hopeful Fertitta might allow him to buy the site.
‘Maybe he’ll sell it to use, and I’ll be happy to buy it from him.’ Gindi added.
Daily Mail contacted Fertitta Entertainment for comment.
When Trump announced Fertitta would be the ambassador to Italy, he called him an ‘accomplished businessman’ who he was ‘pleased’ with the appointment.
When Trump (pictured May 2025) announced Fertitta would be the ambassador to Italy, he called him an ‘accomplished businessman’ who he was ‘pleased’ with appointing
Fertitta has owned the Rockets since 2017 and has made his fortunes as the chairman of Landry’s, a corporation which includes casinos, hotels and restaurants such as Bubba Gump Shrimp Co
‘Tilman is an accomplished businessman, who has founded and built one of our Country’s premier entertainment and real estate companies, employing approximately 50,000 Americans,’ the president said.
‘Tilman has a long history of giving back to the community through numerous philanthropic initiatives, which include children’s charities, Law Enforcement, and the medical community.
‘Additionally, Tilman is the longest serving Chairman of the Board of Regents for the University of Houston. He also owns the Houston Rockets Basketball Team. Congratulations to Tilman, and his remarkable family!’
Fertitta has owned the Rockets since 2017 and has made his fortune as the chairman of Landry’s, a corporation which includes casinos, hotels and restaurants such as Bubba Gump Shrimp Co.
He was born in Galveston but is of Sicilian descent.
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