Lorenzo Fertitta is a billionaire gambling owner and philanthropist
Lorenzo Fertitta is the owner of a large company that owns a casino chain. The entrepreneur is one of the 400 richest people in the world according to Forbes magazine. He rose to the top of the gambling business, earning over $2 billion. The American is also known as the former owner of the UFC.
- Early Years
- Ultimate Combat Championship (UFC)
- Lorenzo's Casino Fertitta
- Major Institutions
- Personal life
Lorenzo's father made his career working in a casino in Las Vegas, where he moved from Texas. Starting as a dealer, he rose to the position of general manager in several large establishments. Having made a fortune, on July 1, 1976, Frank Joseph Fertitta Jr. opened Station Casinos and the Bingo Palace casino. The place was chosen poorly - the building was practically in the desert. However, the company began to turn a profit. This was due to the fact that the service was aimed at local residents and casino workers who needed the opportunity to relax.
Bingo Palace, later renamed the Palace Station Hotel & Casino, offered gifts, cheap buffets and bingo to customers. 737
Бизнес начал процветать, и Фертитта выкупил доли партнеров. В 1984 году здание расширили. В 1985-м был куплен соседний мотель на 465 номеров. В 1990-м к нему достроили башню и количество апартаментов увеличилось до 1041. Заведение стало одним из крупнейших в городе.
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The Early Years
Lorenzo was born on January 3, 1969 in Las Vegas . After graduating from a private Catholic school, he entered the University of San Diego, where he joined the Sigma Pi fraternity. It oversees charitable programs, helps talented and needy students get an education, takes care of the elderly and the disabled. The businessman is still in the fraternity. In 1993, the American graduated from the Stern School of Business with a master's degree in business administration.
The businessman began working in his father's company in 1991. He ran a family investment fund and entertainment company, Fertitta Enterprises. From 1993 to 2000 he was the CEO. The company managed an investment portfolio of market papers and real estate.top ↑
In high school and college, Fertitta worked with his brother at thecasino Station owned by his father. After the latter retired in 1993, they took on leadership positions. That same year, the brothers took the company public, raising $294 million. At the same time, they became the main shareholders and co-founders. In 2006, the Fertitta family (brothers and their sister with her husband) took the company private by buying back the shares. They paid over $870 million for a 25% stake, and their Colony Capital fund bought the rest for $2.6 billion.
In the late 2000s, the business became unprofitable. The company's subordinated debt was valued at $4.4 billion. In 2009, a bankruptcy petition was filed, but in 2011, Station Casinos withdrew from the procedure. The debt was reduced by $4 billion, and all 18 casinos were returned to their owners from the hands of creditors. The brothers invested $200 million each in the reconstituted business, receiving a 45% stake. The rest of the share was distributed among creditors and investors.
April 26, 2016, the company returned to the stock market, creating a subsidiary holding Red Rock Resorts. The shares are listed on the NASDAQ stock exchange. Over $531 million raised.
In 2016, Red Rock Resorts bought Palms Casino Resort, a major hotel and casino complex, for $312.5 million. In 2021, the property was sold for $650 million to a group of San Manuel Mission Indians. In the same year, the company resumed work with Durango (hotel and casino). Construction has begun and is scheduled to be completed in 2023.
In 2022, businessmen announced the demolition of closed facilities. This was intended to prevent competitors from entering these buildings after the sale of the land. The proceeds are planned to be used for business development.
The following were demolished:
- Texas Station
- Wild Wild West
Ultimate Combat Championship (UFC)
Lorenzo's best deal is buying and selling the UFC. In 2001, the businessman, along with his brother Frank, bought the Ultimate Fighting Championship for $2 million. The fledgling mixed martial arts organization was on the verge of bankruptcy, a victim of its own aggressive marketing that promised violent spectacles. This prompted Senator John McCain to call it "human cockfighting" and start a persecution.
The Fertitta brothers, along with high school friend Dano White, who was named president, rebuilt the ultimate fighting business. They changed its image as a gory spectacle, making it look like a legitimate sport featuring top-notch wrestlers. Fertitta, while serving as UFC Executive Director, began to promote the brand abroad and received the most popular stars from competing organizations.
During this time, the UFC has achieved significant results:
- Fighting without rules has become legal in New York.
- Common rules have been introduced for all competitions.
- Прибыль компании выросла в сотни раз.
- Set a record for $17 million in earnings from a single live broadcast.
In July 2016, the brothers sold most of their stake in the UFC for 4 billion dollars to the sports and entertainment management group WME-IMG. The deal dwarfed the $2 billion sale of the Los Angeles Clippers.
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Fertitta doesn't yearn to leave the organization: "When you turn something from nothing into $4 billion, I don't think that you should be sorry.”
Lorenzo Fertitta Company Casino
During the company's existence, Lorenzo owned 26 casinos. Of these, 11 were closed or sold.
List of Station Casinos.
|Casino||Gambling area (in square meters)|
|Green Valley Ranch||13,367|
|Wildfire Lake Mead||330|
|Red Rock Casino, Resort & Spa||10,991|
|Santa Fe Station||14 028|
|Sunset Station||15 066|
|Wildfire Valley View||330|
|The Greens Cafe||101|
После покупки казино компания, при наличии возможности (свободная земля рядом, продаваемая недвижимость), начинает его расширение. Обычно сервис доводится до высшего уровня. Гостям доступны гостиница, ресторан, СПА, фитнес, бассейн, ночной клуб, парковка и т.д. Некоторые заведения Фертитта являются одними из крупнейших в Лас-Вегасе.
Green Valley Ranch
This is not just a casino, but a full-fledged resort located on the territory of Henderson, Nevada. The construction of the facility was originally proposed by the American Corporation Nevada, which received permission from the city for its construction in 1996. In addition to the hotel and casino, the company planned to equip the resort with urban infrastructure - cinemas, spas, luxury residential real estate, etc.
Construction began in 2000 after American Nevada entered into a partnership with Fertitta, who became co-owner and property manager. The facility opened on December 18, 2001 with 201 rooms and a 50,000 sq. meters.. Built for 300 million dollars, it was at that time the most expensive entertainment complex not only for the company, but also for Las Vegas. Subsequently, it was expanded several times. In 2011, it was completely taken over by Station Casinos.
Santa Fe Station
In June 2000, Station Casinos bought Santa Fe for $205,000,000 and renamed it Santa Fe Station, making it their seventh casino in Las Vegas. It was planned to improve the complex to meet the company's standards and receive an option to purchase 8.5 hectares of land near the site.
Deal approved in September 2000 th, and it was concluded on October 2 of the same year. Station Casinos began a $100,000,000 investment to renovate and expand the facility in three phases, while retaining the Southwestern style. At the first stage, a new carpet was laid, 400 additional game terminals were set up and the electrical system was repaired. The hotel, ice rink, bowling alley and a small part of the casino were left open at this time. The second phase, completed in the summer of 2001, included the construction of an additional café and a 1,600-space car park. At the third stage, 2400 parking spaces, a cinema with 12 halls, a kindergarten and a night club were added, as well as an additional 1000machines and 18 board games.
Заведение первым в Лас-Вегасе предложило каток и мини-баккару.
The complex opened on June 10, 1997. In 1999, Sunset Station was reconstructed. The cost of the project was $34 million. Parking has changed, the casino has been expanded, conference rooms have been added, and the Sonoma Cellar restaurant has been opened. In 2005, the Strike Zone bowling complex was opened and the playing area was expanded.
The resort has a 21-story hotel tower with 448 rooms. Guests are offered a conference room with an area of 1200 square meters. m., vending machines, gaming tables, a 13-hall cinema, a bingo room for 542 guests, a bowling center with 72 lanes, an outdoor amphitheater with 5,000 seats and 9 restaurants. The attraction of the Gaudi bar (for 140 guests) is the stained-glass ceiling design of 560 square meters. It consists of thousands of glass elements with a total weight of 12 tons.
The Strike Zone bowling complex at the time of opening was a record in Las Vegas and the country in terms of area and cost of construction. It cost $26 million.
Red Rock Resort
Station Casinos is headquartered in the Las Vegas Valley in Downtown Summerlin. The entertainment complex occupies 24.05 hectares. The groundbreaking ceremony for the resort took place on April 15, 2004, and the facility opened in 2006. Initially, the project caused dissatisfaction with local residents, which later faded away thanks to free tours of the complex under construction. Over 100,000 people have applied for jobs.
The resort includes a casino, 796 hotel rooms, a 1.2 hectare swimming pool, conference rooms, a 16-screen cinema, 9 restaurants and fast food. The hotel tower is the second tallest building in Summerlin after One Queensbridge Place. The establishment's chandeliers cost over $6 million. Lucky Bar has a chandelier with over 1.6 million crystals. The design is based on blown glass, polished sandstone and colorful onyx imported from India and Italy.
In 2015, the resort launched Rock Shot Bingo, a version of bingo with alcohol and a DJ that appeals to younger clients. 1071back to index ↑
Lorenzo donates tens of millions of dollars to charity every year. He is a full-time supporter of Bishop Gorman High School and the University of Nevada at Las Vegas. In 2016, the businessman provided $10 million to build a football stadium, which was later named the Fertitta Football Complex.
He supports veterans and active-duty students, through several funds, helps the families of the military, dead or injured in service in the United States. Through the Fertitta Veterans program, dozens of retired veterans are educated at New York Stern University.
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Fertitta sponsors local Las Vegas charities: Nathan Adelson Hospice, Southern Nevada Catholic Charities, Lou Ruvo Center for Brain Health, and Three Square, which provides healthy food to those in need.
Lorenzo is married and has three children. His second cousin Tilman Fertitta is also a billionaire and TV presenter. Supports the Republican Party, giving it about a million dollars annually. Owns the 85m Lonian and the 66m Hodor. Vessels are used for personal use only and are not offered for charter.
Lorenzo is an influential and successful man in the land-based gambling industry. He and his relatives own a number of the largest casinos in the world. He believes that he achieved success due to the fact that all establishments corresponded to the highest level of service, but at the same time remained accessible to a wide audience of potential customers.