Lorenzo Fertitta Net Worth
Lorenzo Fertitta Net Worth: Lorenzo Fertitta is an American businessman, casino executive, sports promoter and entrepreneur who has a net worth of $2 billion. Lorenzo Fertitta is chairman of Fertitta Capital, director of Red Rock Resorts Inc., and a majority owner in the Ultimate Fighting Championship Organization until the company was sold to WME-IMG for $4 billion in July 2016. He served as President of Station Casinos Inc. from July 2000 to June 19, 2008.
Early Life: Lorenzo Joseph Fertitta was born on January 3, 1969, in Las Vegas, Nevada. He and his older brother Frank Fertitta III 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.
Lorenzo graduated from the private Catholic prep school Bishop Gorman High School in Las Vegas in 1987. He attended the University of San Diego, where he was a member of Sigma Pi fraternity and graduated with a B.A. in Business Administration in 1991. In 1993, he received his MBA from New York University.
Throughout high school and college, Lorenzo and Frank III worked for their father at a Station Casino.
Career: Frank Fertitta Jr. retired in 1993 and Lorenzo and Frank III 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 January 2017, Fertitta was named Vice Chairman.
In 2001, Lorenzo and Frank III 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. Lorenzo Fertitta assumed positions as Chairman and CEO of UFC while appointing childhood friend Dana White as President of the organization. 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. In July 2016, Zuffa, LLC and the brothers announced the sale of their shares in UFC for an estimated $4 billion to WME-IMG, a sports and entertainment talent representation firm led by Ari Emanuel and Patrick Whitesell. Upon completion of the transaction, Lorenzo Fertitta stepped down from his role as CEO.
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.
He served as a Commissioner on the Nevada State Athletic Commission from November 1996 to July 2000 and as Chairman of the Nevada Resort Association and as the Vice Chairman of Station Casinos LLC and has been its manager since June 2011. He serves as a Member of the Board of Directors of the Las Vegas Visitors and Convention Authority. Fertitta also served as a Director of American Gaming Association until May 2010. He served as a Member of the Advisory Board of Nevada First Bank as well. The brothers debuted the first (U.S.) legal online gambling site in April 2014, ultimatepoker.com, to capture a piece of the growing $4 billion online gambling market.
Personal Life: Lorenzo met his wife, Teresa, while in high school. They married after college and have three children — Nicco Fertitta, Angelita Fertitta, and Lorenzo Fertitta, Jr.
Fertitta is committed to a wide range of philanthropic ventures at both the local and national level.
Fertitta's philanthropic efforts include actively supporting his high school alma mater, Bishop Gorman, as well as the University of Nevada, Las Vegas (UNLV). 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.
Fertitta is also an ardent supporter of veterans and active-duty students, having made contributions to the Lone Survivor Foundation, the Fisher House and the Intrepid Fallen Heroes Fund, which provide support for the families of military personnel lost or severely wounded in service to the United States.
On November 11, 2016, Lorenzo and Frank III established 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.
Fertitta supports local Las Vegas charities including the Nathan Adelson Hospice, Catholic Charities of Southern Nevada, the Lou Ruvo Center for Brain Health and Three Square, a charity focused on providing wholesome food to those in need.
Real Estate: Lorenzo and Teresa live primarily in their 13,400 square foot Las Vegas home.
|Net Worth:||$2 Billion|
|Profession:||Entrepreneur, Businessperson, Television producer|
|Nationality:||United States of America|