Frank Fertitta Net Worth
Frank Fertitta Net Worth: Frank Fertitta III is an American businessman, casino executive, sports promoter, and entrepreneur who has a net worth of $2 billion. He is the current CEO of Station Casinos. He is also a founder, alongside his brother Lorenzo, of Zuffa LLC, which is the entity that runs the Ultimate Fighting Championship (UFC). He was a majority owner of the Ultimate Fighting Championship Organization until the company was sold to WME-IMG for $4 billion in July 2016.
Early Life: Frank Fertitta III was born in Las Vegas, Nevada on February 12, 1962. Frank and his younger brother Lorenzo Fertitta are the sons of Frank Fertitta Jr and Victoria Broussard Fertitta. Frank and Victoria moved to Las Vegas from Texas in 1960. Frank became a dealer at the Stardust Casino before being promoted to management positions at the Tropicana, Sahara, and Circus Circus casinos. In 1976, Fertitta Jr. observed that none of the Las Vegas casinos catered to Las Vegas residents. Frank built The Casino, a 5,000 square foot casino which eventually was renamed Palace Station.
Frank graduated from the private Catholic prep school Bishop Gorman High School in Las Vegas in 1980. He attended the University of Southern California and graduated with a B.A. in Business Administration in 1984.
Throughout high school and college, Frank III and Lorenzo worked for their father at a Station Casino.
Career: After college, Frank III was named an Officer and General Manager of Station Casinos in 1985. In 1986 he was named Director, Executive Vice President, and Chief Operating Officer. From 1989 to July 2000, he was President of Station Casinos and from July 1992 to the present, he's been CEO of Station Casinos.
Frank Fertitta Jr. retired in 1993 and Frank III and Lorenzo led Station Casinos to its first IPO that same year, raising $294 million and becoming principal shareholders and co-founders of Station Casinos Inc. in the process. Station Casinos was then taken private in 2007 in a management-led leveraged buyout. Station Casinos filed for Chapter 11 bankruptcy on July 28, 2009. With a reinvestment of $240 million, the company emerged from bankruptcy in June 2011 with a new ownership structure that left the Fertittas in full control. Under the brothers' direction, Station Casinos has grown to 21 casinos in three states. Named among Fortune's "Best Companies to Work For," its properties include the Palace Station Hotel & Casino and the Red Rock Casino, Resort & Spa. In October 2015, Red Rock Resorts, Inc. filed with the SEC to take Station Casinos public again through an IPO, creating a holding company for the organization, known as Red Rock Resorts, Inc., which owns a portion of the Station Casinos. On April 26, 2016, Red Rock Resorts, Inc. raised $531.4 million in an IPO that priced 27.25 million shares under the ticker symbol "RRR."
In 2001, Frank III and Lorenzo established Zuffa, LLC to acquire the assets of the Ultimate Fighting Championship (UFC), the mixed martial arts promotion and live event provider, for $2 million. Zuffa, LLC operated the UFC until its sale in August 2016. As Chairman and CEO of UFC, Fertitta worked proactively with the athletic commissions of New Jersey, Nevada, California and Mohegan Sun to establish a unified rule set for MMA competitions. Today, the sport operates in all 50 U.S. states and is broadcast to more than 150 countries, attracting mainstream advertisers including Anheuser-Busch, Harley-Davidson, Burger King, Electronic Arts, and the U.S. Army.
On May 1, 2017, Fertitta Capital, a private investment firm, was launched with an initial seed investment of $500 million from Lorenzo and Frank Fertitta III. The Firm has a permanent capital base and invests throughout a business's lifecycle and across the capital structure in consumer-facing companies in technology, media, and entertainment.
Personal Life: Frank Fertitta III and his wife Jill live in Las Vegas with their three children.
In 2012 Frank and his wife Jill made a large donation to the University of Southern California which resulted in the construction of a new building for the USC Marshall School of Business and helped establish the Jill and Frank Fertitta Endowed Chair in Business.
In 2016 Frank and Lorenzo each pledged $7.5 million to establish the Fertitta Veterans Program at New York University's Stern School of Business, a full-time MBA program designed to support U.S. military veterans' transition to business school.
In September 2016, the Fertitta family made a $10 million donation to UNLV to fund a 73,000-square-foot football facility that will be named The Fertitta Football Complex.
His daughter Kelley, a vice president at her father's company, got married at a lavish wedding at Red Rock Resorts in September 2018. The wedding reportedly cost Fertitta $25 million. John Mayer performed during the Friday evening rehearsal, and Bruno Mars and Seal headlined Saturday's reception party. Kelley married Tyler Chad Nemiro, a graduate of the University of Southern California, who is the director of enterprise sales at Shopify Plus.
Fertitta's daughters Kelley and Victoria attended the University of Southern California and run a lifestyle blog called Wilson Gabrielle.
UFC Sale: In July 2016, Frank and Lorenzo Fertitta sold UFC to Hollywood talent agency WME-IMG for $4 billion. The brothers own a combined 81% of UFC. They bought their stake in 2001 for $2 million.
Real Estate: In September 2017, Frank was revealed to be the secret buyer of a chic $70 million penthouse at 520 Park Avenue in Manhattan. Fertitta's new pad is a six-bedroom duplex and one of the most expensive units at 520 Park. The development is an exclusive 54-story condo tower being built at East 60th Street. Fertitta's new pad is 9,138 square feet with an additional 279 square feet of balconies/terraces.
In June 2009, Frank spent $28 million on a mansion in Laguna Beach, California. The oceanfront home is located within the exclusive, guard-gated Emerald Bay community.
Frank Fertitta III
|Net Worth:||$2 Billion|
|Date of Birth:||1962|
|Profession:||Businessperson, Television Producer|
|Nationality:||United States of America|