Lorenzo Fertitta

Lorenzo Fertitta
Born Lorenzo Joseph Fertitta
(1968-01-03) January 3, 1968
Las Vegas, Nevada, United States
Residence Las Vegas, Nevada, United States
Nationality American
Alma mater University of San Diego, BBA 1991
Stern School of Business (New York University), MBA 1993
Occupation Entrepreneur
Net worth Steady US$ 1.97 billion (est.) (2016)[1]
Spouse(s) Teresa
Children 3
Relatives Frank Fertitta, Jr. (father)
Frank Fertitta III (brother)
Lorenzo Fertitta Jr (son) Nicco Fertitta (son) Angelia Fertitta (daughter)
Website Official website

Lorenzo Joseph Fertitta (born January 3, 1968) is an American entrepreneur, casino executive and sports promoter.[2] Fertitta resides in Las Vegas, Nevada with his wife Teresa and three children. His son Nicco, is a safety for the Notre Dame Fighting Irish football team.[1]

Education

Fertitta graduated from Bishop Gorman High School. He then obtained a Bachelor of Business Administration from the University of San Diego in 1991 and an MBA from the Stern School of Business at New York University in 1993.[3][4]

Career

Fertitta Enterprises

Since 1993, Fertitta has occupied various executive positions within Fertitta Enterprises. From 1991 to 1993, Fertitta served as vice president, before becoming president and chief executive officer, from June 1993 to July 2000, where he was responsible for managing an investment portfolio consisting of marketable securities and real property.[5][6]

Station Casinos

Fertitta is a principal shareholder and a co-founder of Station Casinos Inc. He served as a member on the board of directors from 1991 until gaining the position of Station's president in July 2000. On June 19, 2008, Fertitta stepped down as president to work full-time for Zuffa, LLC.[7]

On February 2, 2009, Station Casinos announced its plans to file for bankruptcy by April 15. Station's filing came in response to a lawsuit filed by an individual bondholder challenging the gaming company's debt swap and prepackaged bankruptcy proposal.[8] On July 28, 2009, Station Casinos filed for Chapter 11 bankruptcy; however, the Fertitta family is expected to make additional investments to maintain its ownership.[9]

Ultimate Fighting Championship

In 2001, Fertitta was contacted by a friend, businessman Dana White, about purchasing the Ultimate Fighting Championship. He quickly took the opportunity, making the purchase a month later. He co-founded Zuffa with his brother, Frank to establish an entity to manage the assets of the newly acquired Mixed Martial Arts promotion organization. In March 2007, Zuffa acquired World Extreme Cagefighting (UFC's sister promotion) and Pride Fighting Championships,[10] which were absorbed by the Ultimate Fighting Championship.[11]

On Monday March 14, 2011 Zuffa LLC officially announced that they purchased Strike Force LLC, a rival MMA organization, and on Thursday, August 18, 2011 the Ultimate Fighting Championship and Fox Broadcasting Company announced a landmark 7 year, $700 million television rights deal.

Fox will air four live UFC events on its flagship channel per year, 32 live fights on its cable channel FX, as well as supplementary taped and live programming on its other cable channels, including Fuel TV, Fox Deportes and its FSMG channels. The Sports Business Journal reported that Fox will pay Zuffa around $100 million per year for the programming package. In July 2016, after UFC 200, it was announced that Zuffa, LLC would be selling UFC for $4 billion.[12]

Other notable positions and affiliations

References

  1. 1 2 "Forbes 400 Richest Americans: #385 Lorenzo Fertitta". Forbes. September 2010.
  2. ↑ 17 Apr 2011 (2011-04-17). "Lorenzo Fertitta on Twitter: "@dimauro1 cefalu, sicily"". Twitter. Retrieved 2016-09-17.
  3. ↑ "NYU SternConnect - Welcome NYU Alumni". W4.stern.nyu.edu. Retrieved 2016-09-17.
  4. ↑ "SternBusiness". W4.stern.nyu.edu. 2001-09-11. Retrieved 2016-09-17.
  5. ↑
  6. ↑ "Stocks - Bloomberg". Investing.businessweek.com. Retrieved 2016-09-17.
  7. ↑ "Station Casinos Inc - '8-K' for 7/19/00 - EX-99.2". SEC Info. Retrieved 2016-09-17.
  8. ↑
  9. ↑ "Station Casinos Files for Bankruptcy as Talks Fail (Update2)". Bloomberg. July 28, 2009.
  10. ↑ Stein, Joel (November 8, 2006). "The ultimate fighting machines". CNN.
  11. ↑ Knapp, Brian (2010-11-16). "10 Fights Finalized for UFC 125". Sherdog.com. Retrieved 2016-09-17.
  12. ↑ "UFC sold to WME-IMG in unprecedented deal". ESPN.com. Retrieved 2016-11-17.
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