Plans by billionaire businessman Tilman Fertitta to build a high-profile resort on the Las Vegas Strip have officially been put on hold. General Counsel Steven L. Scheinthal and Fertitta Entertainment Executive Vice President confirmed the pause in a recent statement to KSNV News 3. It is due to potential conflicts of interest linked to Fertitta’s investment in Wynn Resorts.

The planned development is located at the southeast corner of Las Vegas Boulevard and Harmon Avenue. It will be a major addition to the Strip. Informally called the Center Strip, the resort is proposed to include 2,400 hotel rooms and a 2,500-seat theater. Though the site is cleared, it is currently being used as a parking lot.

Wynn Resorts Investment Raises Conflict Concerns

A major factor influencing the decision to halt the Center Strip project is Fertitta’s role as the largest shareholder of Wynn Resorts. He currently holds 13 million shares in the company, valued at more than $1.4 billion. This significant investment has prompted ethical concerns regarding potential competition if Fertitta builds a competing luxury resort not far off.

Scheinthal addressed the issue directly, stating, “As the largest shareholder of Wynn Resorts, Fertitta views a competing high-end strip casino as a conflict of interest and therefore has no plans to continue with the project so long as he maintains his Wynn ownership.”

Fertitta’s stake in Wynn surpassed 10% earlier this year, making him a principal shareholder. As a result, he is subject to enhanced regulatory scrutiny according to federal guidelines.

Ambassadorial Role Adds Another Layer

In addition to his financial interests, Fertitta’s recent confirmation as the U.S. ambassador to Italy and San Marino may also be influencing his business decisions. As part of the nomination process, he notified federal authorities of stepping down as CEO of Fertitta Entertainment if confirmed, to avoid potential conflicts of interest.

Fertitta’s portfolio includes the Golden Nugget chain of hotel and casino properties through Landry’s, with locations in downtown Las Vegas and Nevada. However, the Strip project will be phis first major development on the boulevard itself.

Future of the Center Strip Site Remains Unclear

There is currently no confirmed timeline for when or if Fertitta’s Center Strip resort project will be revived. While the property remains undeveloped following site demolition, market conditions in Nevada remain strong. Statewide gaming revenue rose by 3.5 percent in June to $1.3 billion, despite the decline in tourism numbers.

For now, the future of the site remains uncertain as Fertitta balances his expanding financial holdings and his public service responsibilities.