Lorenzo Fertitta facts for kids
Quick facts for kids
Lorenzo Fertitta
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Fertitta in 2014
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Lorenzo Joseph Fertitta
January 3, 1969 Las Vegas, Nevada, U.S.
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| Alma mater | University of San Diego (BBA) Stern School of Business (MBA) |
| Occupation | Businessman |
| Spouse(s) | Teresa Fertitta |
| Children | 3 |
| Parent(s) |
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| Relatives | Frank Fertitta III (brother) Tilman Fertitta (cousin) |
Lorenzo Joseph Fertitta (born January 3, 1969) is an American businessman and generous giver (philanthropist). He is the leader of Fertitta Capital and a director at Red Rock Resorts Inc. He used to be the main boss (CEO) of the Ultimate Fighting Championship (UFC).
Contents
Early Life and Education
Lorenzo and his older brother Frank Fertitta III grew up in Las Vegas, Nevada. Their father, Frank Fertitta Jr., moved there from Texas in 1960. Their dad started working at casinos. He later built his own small casino called The Casino in 1976. This casino eventually became Palace Station.
Lorenzo's father worked with his sons at Station Casinos, a company that builds and runs casinos in the U.S. Lorenzo's dad retired in 1993.
Lorenzo went to Bishop Gorman High School in Las Vegas and finished in 1987. He then studied business at the University of San Diego, graduating in 1991. Later, he earned a Master's degree in business (an MBA) from New York University in 1993.
Career
Fertitta Enterprises
Since 1991, Lorenzo Fertitta has held important jobs at Fertitta Enterprises. This is a family company that invests money and works in entertainment. He was a vice president from 1991 to 1993. Then, he became the president and CEO from 1993 to 2000. In these roles, he managed the company's investments in stocks and properties.
Station Casinos and Red Rock Resorts
Lorenzo and his brother Frank III worked for their father at Station Casinos when they were in high school and college. After their father retired in 1993, Lorenzo and Frank III helped Station Casinos become a public company. This means its shares could be bought and sold by anyone. They raised $294 million and became major owners of the company.
In 2007, Station Casinos became a private company again. Later, in 2009, the company faced financial challenges. However, with new investments from the Fertitta family, they were able to get the company back on track by 2011. The Fertitta family kept full control.
In 2015, Station Casinos became a public company once more, under a new name, Red Rock Resorts, Inc. This company raised over $531 million in 2016. The Fertitta family still owns a part of Red Rock Resorts Inc. In 2017, Lorenzo became the Vice Chairman of the company.
Zuffa, LLC and Ultimate Fighting Championship
In 2001, Lorenzo and his brother Frank III started a company called Zuffa, LLC. They bought the Ultimate Fighting Championship (UFC) for $2 million. The UFC is a company that promotes mixed martial arts (MMA) fights. Lorenzo became the chairman and CEO of UFC. He also made his childhood friend, Dana White, the President of the organization. Zuffa, LLC ran the UFC until it was sold in 2016.
As the leader of UFC, Lorenzo worked to create fair rules for MMA fights. He worked with sports groups in different states like New Jersey, Nevada, and California. Now, MMA fights happen in all 50 U.S. states. They are also shown in over 150 countries. There are also about 135 UFC-branded gyms in North America and Australia.
In 2005, UFC made a deal to show its fights on the Spike cable TV channel. Later, in 2011, UFC signed a big deal with Fox Broadcasting Company. This deal was worth $813 million and showed UFC fights on Fox's main channel and other sports channels.
Lorenzo also worked with the Governor of New York, Andrew Cuomo, to make MMA legal in New York State. This was expected to bring in a lot of money for New York's economy. In 2016, MMA became legal in New York. UFC held its first big event there at Madison Square Garden. This event, UFC 205, made a record $17.7 million from ticket sales.
In 2016, Zuffa, LLC and the Fertitta brothers sold their shares in UFC for about $4 billion. They sold it to a company called WME-IMG. After the sale, Lorenzo Fertitta stepped down as CEO.
Fertitta Capital
On May 1, 2017, Lorenzo and Frank Fertitta III started a new private investment company called Fertitta Capital. They put $500 million into the company to start it. This company invests in businesses that deal directly with customers. These businesses are often in technology, media, and entertainment. Nakisa Bidarian, who used to be the CFO of UFC, leads Fertitta Capital as its CEO.
Giving Back (Philanthropy)
Lorenzo Fertitta supports many good causes. He has given money to his old high school, Bishop Gorman. He also supports the University of Nevada, Las Vegas (UNLV). In 2016, the Fertitta family gave $10 million to UNLV. This money helped build a large football training center, which is named The Fertitta Football Complex.
Lorenzo also helps military veterans and active duty students. He has given money to groups like the Lone Survivor Foundation, the Fisher House, and the Intrepid Fallen Heroes Fund. These groups help military families who have lost loved ones or have family members who were seriously hurt while serving the United States.
In 2016, Lorenzo and Frank III started the Fertitta Veterans Program at New York University Stern. This program helps U.S. military veterans go to business school. It gives scholarships and special classes to help them adjust to school and a business career.
Additionally, Lorenzo supports local charities in Las Vegas. These include Nathan Adelson Hospice, Catholic Charities of Southern Nevada, the Lou Ruvo Center for Brain Health, and Three Square. Three Square helps provide food to people who need it.
Political Activity
Lorenzo Fertitta is a distant cousin of fellow businessman Tilman Fertitta. Lorenzo and his wife give a lot of money to the Republican Party and its candidates. From 2009 to 2020, they gave over $9.7 million. This makes them one of the biggest givers in Nevada.
Lorenzo and his wife also gave $721,200 to Donald Trump's presidential campaign in 2020.
Personal Life
Lorenzo Fertitta lives in Las Vegas, Nevada, with his wife Teresa and their three children.
Memberships
- Former Chairman of the Nevada Resort Association
- Former Member of the Nevada State Athletic Commission (November 1996 to July 2000)
- Former Board Member with the American Gaming Association
- Former Advisory Board Member of Nevada First Bank
- Former President and chief executive officer of Gordon Biersch Brewing Company
- Director of Station Casinos LLC
- Director of Station Holdco LLC
- Vice Chairman of Red Rock Resorts, Inc.
See also
In Spanish: Lorenzo Fertitta para niños
