Qui est Lorenzo Fertitta?
Lorenzo Fertitta, chairman of Fertitta Capital and the former CEO of the globally-renowned Ultimate Fighting Championship (UFC), is a name that rings bells in the world of business and sports alike. Born in January 1969, Fertitta has built an empire over the years. He shares his life with his wife, Teresa Fertitta, and their three children, Nicco, Angelita, and Lorenzo.
Principaux enseignements
- Lorenzo Fertitta, Chairman of Fertitta Capital and former CEO of UFC, has a net worth of $2.2 billion.
- He and his brother Frank expanded their father’s casino business, Station Casinos, leading it through multiple IPOs and rebranding it as Red Rock Resorts.
- The Fertitta brothers bought UFC for $2 million in 2001, and sold the majority shares in 2016 for $4 billion, and remaining shares in 2021 for $1.8 billion.
The Early Years: Following His Father’s Footsteps
Raised in a family with strong ties to the casino industry, Fertitta’s journey into the business world began early. His father, Frank Fertitta Jr., built a small casino in Las Vegas, a modest 5,000-square-foot establishment named The Casino. This small venture gradually evolved into the well-known brand, Station Casinos, marking the beginning of the Fertitta legacy.
Station Casinos: The Rise, Fall, and Rise Again
Under Lorenzo and his brother Frank Fertitta‘s leadership, Station Casinos was launched into the public sphere through an IPO, raising a robust US$ 300 million. The tide, however, turned when the company filed for bankruptcy. Unfazed by this setback, the Fertitta brothers bought back the company, demonstrating their resilience and business acumen.
In 2015, the company went public once again through a second IPO, this time raising over US$ 500 million. Today, the company thrives under a new name – Red Rock Resorts.
The Ultimate Fighting Championship Journey
The Fertitta brothers’ business ventures extend beyond the casino industry. In 2001, they purchased the assets of the UFC, an American mixed-martial-arts promotion company based in Las Vegas, Nevada. Despite a modest investment of US$ 2 million, the brothers transformed UFC into a global sports phenomenon.
In 2016, Lorenzo and Frank sold the majority of their UFC shares for a staggering $4 billion. Their ties with UFC were completely severed in 2021 when they sold their remaining shares for $1.8 billion. They now use their considerable wealth to act as private equity investors.
Lorenzo Fertitta: A Billionaire’s Worth
Through his successful business ventures and wise investment decisions, Lorenzo has amassed a net worth of around $2.2 billion, marking him as one of the most successful business tycoons of his era.
Sources
https://www.feadship.nl/press/project-700-voit-le-lumière-de-jour
https://sinot.com/
https://en.wikipedia.org/wiki/LorenzoFertitta
https://www.fertittamoneywatch.org/
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