Lorenzo Fertitta, MBA '93
Vice Chairman and President, Station Casinos
Las Vegas native Lorenzo J. Fertitta has risen swiftly in the ranks of players in his hometown – and he’s done it without so much as a single bluff.
Fertitta serves as Vice Chairman and President of Station Casinos (NYSE: STN), one of the largest gaming companies in the United States. Based in Las Vegas, its holdings include several casinos in Las Vegas and Henderson, Nevada. “This is a good time to be in the gaming industry. We’ve gotten a boost in the last few years due to the recent mainstream popularity of poker,” commented Fertitta. “The number of people playing the game has increased and the demographic of the players has skewed to a younger crowd – males, ages 25 to 35.”
Gaming may be an ancient business, but it is benefiting from some 21st-century innovations. “Historically, the gaming industry has been low-tech, but we are seeing casino operations and other aspects of the business going more and more high tech,” he said. “Running a casino is really like running 20 different companies – there’s marketing, operations, hospitality, accounting, finance, and more. For people looking to get broad-based business experience, this is a great industry to join.”
As the industry has expanded, Station has also branched out. In addition to video poker, slot machines, table games, bingo, race, and sports book wagering, its properties feature amenities including restaurants, entertainment venues, movie theaters, bowling, and convention/banquet space.
While gaming is essentially a numbers game, running successful businesses in a highly competitive environment like Las Vegas relies on the human factor as well. “Of all the success we’ve had with Station Casinos, I am most proud to have been selected by Fortune magazine as one of the top 100 companies for whom to work,” said Fertitta. “We were ranked at number 18 and are up there with industry giants Nordstrom and Google. One of the best pieces of advice I’ve received is to surround yourself with good people and treat them right. Being ranked as one of the top 100 companies to work for was validation for me that we’re doing just that.”
Asked to offer insider’s tips on gambling to his fellow alumni, Fertitta stepped outside his professional persona and exclaimed, “Yes, stop doing it! I took finance with Professor Aswath Damodaran and know that there are better ways to get a return, dollar for dollar.”
Fertitta is also the Chief Executive Officer and a principal owner of Zuffa, LLC, the company that owns and operates the Ultimate Fighting Championship, the United States’ premier mixed martial arts association.
“I grew up in Las Vegas, and the only professional sport we had here was boxing. As I got older, I saw a great opportunity to bring another form of entertainment to Las Vegas,” he explained. “Mixed martial arts is a huge business domestically and the opportunities for growth outside of the US are enormous. We recently opened a London office and have plans to expand into Europe and Asia over the next few years. This is not a sport that needs translating – you put two guys in a cage and let them fight; last one standing wins – everyone understands this concept.”
Fertitta serves as Vice Chairman and President of Station Casinos (NYSE: STN), one of the largest gaming companies in the United States. Based in Las Vegas, its holdings include several casinos in Las Vegas and Henderson, Nevada. “This is a good time to be in the gaming industry. We’ve gotten a boost in the last few years due to the recent mainstream popularity of poker,” commented Fertitta. “The number of people playing the game has increased and the demographic of the players has skewed to a younger crowd – males, ages 25 to 35.”
Gaming may be an ancient business, but it is benefiting from some 21st-century innovations. “Historically, the gaming industry has been low-tech, but we are seeing casino operations and other aspects of the business going more and more high tech,” he said. “Running a casino is really like running 20 different companies – there’s marketing, operations, hospitality, accounting, finance, and more. For people looking to get broad-based business experience, this is a great industry to join.”
As the industry has expanded, Station has also branched out. In addition to video poker, slot machines, table games, bingo, race, and sports book wagering, its properties feature amenities including restaurants, entertainment venues, movie theaters, bowling, and convention/banquet space.
While gaming is essentially a numbers game, running successful businesses in a highly competitive environment like Las Vegas relies on the human factor as well. “Of all the success we’ve had with Station Casinos, I am most proud to have been selected by Fortune magazine as one of the top 100 companies for whom to work,” said Fertitta. “We were ranked at number 18 and are up there with industry giants Nordstrom and Google. One of the best pieces of advice I’ve received is to surround yourself with good people and treat them right. Being ranked as one of the top 100 companies to work for was validation for me that we’re doing just that.”
Asked to offer insider’s tips on gambling to his fellow alumni, Fertitta stepped outside his professional persona and exclaimed, “Yes, stop doing it! I took finance with Professor Aswath Damodaran and know that there are better ways to get a return, dollar for dollar.”
Fertitta is also the Chief Executive Officer and a principal owner of Zuffa, LLC, the company that owns and operates the Ultimate Fighting Championship, the United States’ premier mixed martial arts association.
“I grew up in Las Vegas, and the only professional sport we had here was boxing. As I got older, I saw a great opportunity to bring another form of entertainment to Las Vegas,” he explained. “Mixed martial arts is a huge business domestically and the opportunities for growth outside of the US are enormous. We recently opened a London office and have plans to expand into Europe and Asia over the next few years. This is not a sport that needs translating – you put two guys in a cage and let them fight; last one standing wins – everyone understands this concept.”