Lorenzo Joseph Fertitta (born January 3, 1969) is an American billionaire businessman and philanthropist. He is Chairman of Fertitta Capital, Director of Red Rock Resorts Inc, and former CEO of the Ultimate Fighting Championship (UFC).
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Lorenzo Fertitta Net Worth
Lorenzo Fertitta has a net worth of $3 billion. Since 1991, he has held key roles at Fertitta Enterprises, the family’s investment office and entertainment company.
He worked as Vice President from 1991 to 1993, then advanced to President and CEO from June 1993 to July 2000. During his leadership, Fertitta directed an extensive investment portfolio that included marketable securities and real estate holdings, shaping the company’s growth and expanding its financial reach across multiple sectors.
Early life
Lorenzo Fertitta and his older brother Frank Fertitta III were raised in Las Vegas, Nevada, after their father, Frank Fertitta Jr., relocated from Texas with his wife Victoria (née Broussard) in 1960.
Fertitta Jr. began his career as a dealer at the Stardust Casino before advancing to management roles at the Tropicana, Sahara, and Circus Circus casinos.
Career
During high school and college, Lorenzo Fertitta and Frank Fertitta III worked for their father, Frank Fertitta Jr., at Station Casinos. After Fertitta Jr. retired in 1993, Lorenzo and Frank III led Station Casinos to its first IPO, raising $294 million and becoming principal shareholders and co-founders of Station Casinos Inc. The company was taken private in 2007 through a management-led leveraged buyout.
On February 2, 2009, Station Casinos announced plans to file for bankruptcy, officially entering Chapter 11 on July 28, 2009. Following a $240 million reinvestment, the company emerged in June 2011 with a new ownership structure, allowing the Fertittas to retain full control.
Personal Life
Lorenzo Fertitta resides in Las Vegas, Nevada, with his wife Teresa and their three children. He owns the 87-meter yacht Lonian and its 66-meter support vessel Hodor.
A strong supporter of veterans and active-duty students, Fertitta has contributed to the Lone Survivor Foundation, the Fisher House, and the Intrepid Fallen Heroes Fund, organizations that provide vital assistance to the families of U.S. military personnel who were lost or severely wounded in service.
Does Lorenzo Own UFC?
While Lorenzo Fertitta, alongside his brother Frank, were the visionaries behind the UFC’s unprecedented growth, they sold their majority stake in the company in 2016 for $4 billion, marking one of the largest deals in the history of sports. However, they sold their remaining stakes in UFC in August 2017 at a $5 billion valuation, concluding their direct financial involvement in the organization.
Conclusion
Lorenzo Fertitta’s ascent from the UFC Octagon to the billionaire’s circle is not just a story of financial success but a narrative of transforming passions into empire-building ventures. His legacy in the UFC, coupled with his business ventures, continues to influence industries and inspire entrepreneurs worldwide.
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FAQs about Lorenzo Fertitta
- How did Lorenzo Fertitta build his net worth?
- Through strategic investments in the UFC, Station Casinos, and various other ventures, including real estate and private equity.
- What is Lorenzo Fertitta’s role in Station Casinos?
- He has served as President and was instrumental in the company’s growth, including leading it through an IPO and subsequent private buyouts.
- How has Lorenzo Fertitta contributed to the UFC’s success?
- By transforming it from a niche sport into a global entertainment powerhouse through strategic branding, partnerships, and expansion.
- What philanthropic efforts is Lorenzo Fertitta known for?
- He is recognized for his contributions to educational institutions, veteran support programs, and the community of Las Vegas.
- What lessons can entrepreneurs learn from Lorenzo Fertitta’s career?
- The importance of vision, the willingness to take calculated risks, and the ability to adapt to changing market dynamics are key lessons from Fertitta’s success.
