Lorenzo Fertitta
Lorenzo Fertitta was born in Las Vegas, Nevada, United States on January 3rd, 1969 and is the American Entrepreneur. At the age of 55, Lorenzo Fertitta biography, profession, age, height, weight, eye color, hair color, build, measurements, education, career, dating/affair, family, news updates, and networth are available.
At 55 years old, Lorenzo Fertitta physical status not available right now. We will update Lorenzo Fertitta's height, weight, eye color, hair color, build, and measurements.
Since 1991, Fertitta occupied various executive positions within Fertitta Enterprises, a family investment office and entertainment company. He served as vice president from 1991 to 1993, before becoming president and CEO from June 1993 to July 2000. In these roles, Fertitta managed an investment portfolio consisting of marketable securities and real property.
Throughout their time in high school and college, Lorenzo and Frank 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 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.
On February 2, 2009, Station Casinos declared plans to file for bankruptcy. The filing came in response to a lawsuit that challenged the gaming company's debt swap and prepackaged bankruptcy proposal. Station Casinos filed for Chapter 11 bankruptcy on July 28, 2009 and, with a subsequent reinvestment of $240 million, emerged from this process in June 2011 with a new ownership structure that allowed the Fertittas to retain full control.
On October 13, 2015, Red Rock Resorts, Inc. filed an S-1 registration statement with the SEC to take Station Casinos public again through an initial public offering (IPO), creating a holding company for the organization, known as Red Rock Resorts, Inc., which owns a portion of the Station Casinos entity. 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". Deutsche Bank Securities, J.P Morgan, BofA Merrill Lynch and Goldman Sachs & Co were among the underwriters for the offering. The Fertitta family continues to own a stake in Red Rock Resorts Inc. In January 2017, Fertitta was named Vice Chairman.
In 2001, Lorenzo, along with his brother Frank III, established Zuffa, LLC to acquire the assets of Ultimate Fighting Championship (UFC), a mixed martial arts promotion and live event provider, from Semaphore Entertainment Group 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 with the athletic commissions of New Jersey, Nevada, California and Mohegan Sun to establish a unified rule set for MMA competitions. The sport operates in all 50 U.S. states and is broadcast to more than 150 countries. Approximately 135 UFC-branded gyms operate in North America and Australia.
In January 2005, UFC entered a deal to broadcast televised content on Viacom Inc.'s Spike cable channel, an agreement that ran until the end of 2011. On August 18, 2011, UFC and Fox Broadcasting Company announced a seven-year, $813 million television rights deal that spanned Fox's flagship channel, its cable channel FX, and other stations including Fuel TV and Fox Deportes.
As CEO of UFC, Fertitta worked with Governor of New York Andrew Cuomo to regulate MMA in the state, an initiative projected to yield more than $32 million in economic activity for New York's economy each year. Governor Cuomo signed legislation authorizing competitive mixed martial arts in New York State on April 14, 2016, with UFC hosting its first show at Madison Square Garden, UFC 205, later that year. The event set a record for live gate receipts at the venue, drawing $17.7 million.
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. Private equity firms Silver Lake Partners and Kohlberg Kravis Roberts (KKR) were also a part of the deal. 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 the technology, media and entertainment sectors. Nakisa Bidarian, former CFO of UFC, will lead Fertitta Capital as CEO and co-founder and be responsible for the deployment of the Firm's capital.
