An American entrepreneur, Frank Fertitta is known for his franchise, Ultimate Fighting Championship (UFC), which is famous worldwide. He, along with his brother, Lorenzo Fertitta owned the UFC until they decided to sell it off in 2016. Keep reading to know more about Frank Fertitta’s Net worth in 2018.
Frank Fertitta’s Early Life
An American citizen, Frank Fertitta was born as Frank Joseph Fertitta III on February 24th, 1962 to a casino tycoon named Frank Fertitta Jr. He and his brother learned the tricks of the casino industry through their father, who was a well established and famous man in his profession. Frank spent his childhood in Las Vegas, Nevada, U.S. and went to Bishop Gorman High School. After that, he attended the University of Southern California from where he graduated in the year 1984 with a BA/BS degree.
Frank Fertitta married Jill with whom he has three children. The family stays in Las Vegas, U.S. Frank Fertitta’s brother, Lorenzo Fertitta is also an executive in the same field dealing with casino, sports, and hotels.
Frank Fertitta’s Career
Frank Fertitta Jr. established the Casino in 1976, and when he resigned in 1993, it came upon Frank Fertitta to look after the Casino. The two brothers, Lorenzo and Frank Fertitta further acquired and created many new casinos under Station Casinos, which stood as their brand. Frank served as the Chairman and CEO of the Station Casinos during this point.
In 2001, the two brothers also founded the Zuffa LLC through which they acquired the stakes in UFC from Semaphore Entertainment Group. The acquisition was helped by Dana White, who was a school friend and when the brothers owned the UFC, Dana was given the position of President and 10% share in the ownership.
When the Zuffa LLC lost $30 million in UFC, the brothers decided to invest in a TV series in 2004 in a bid to increase their profit. In 2005, their work, “The Ultimate Fighter” was broadcasted by Spike TV and did well for quite some time. However, it all went downhill in 2009, when the Station Casinos filed for bankruptcy protection, while UFC had an estimated cost of $1 billion.
The bankruptcy for Station Casinos ended in 2011. In the same year, Fox Broadcasting was involved in a seven-year deal with Zuffa, which accounted for an amount of $700 million. Fertitta Entertainment was sold for $460 million in 2016, and the duo also sold Red Rock Resorts, a family-owned casino and received $113 million each.
In the same year, a decision to sell UFC majority stake was hinted at by the brothers. Lorenzo Fertitta who was the CEO and Chairman stepped down from the post and both the brothers had minority ownership post the sale to WME-IMG.
Awards and Achievement
Frank Fertitta has been involved in various charity and well-being work. Frank and his wife, Jill donated money to the University of South California, which was announced by the administration on October 18, 2012. The money that was donated helped in the construction of the USC Marshall School of Business. The couple was provided with the honor of being Chair in Business at the school.
Net Worth of Frank Fertitta
The estimated net worth of Frank Fertitta is about $2.4 billion. At Station Casinos, he serves as the CEO. Zuffa LLC, which earlier owned UFC is also owned by Frank Fertitta. Frank Fertitta and his brother Lorenzo in 2001 acquired the stake in UFC at $2 million, but in 2016, they sold it to WME-IMG for $4 billion.
Frank Fertitta still serves as an executive producer on UFC and continues to hold the position of CEO at Station Casinos. We wish him all the luck for his future ventures!