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.

[15] Fertitta as owner of the Palms Casino nightclub KAOS lost an $8 million lawsuit in 2022 brought by DJ Kaskade for nonpayment of his two-year performance contract.

[20] 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.

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.

[22] 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.

[27][28] 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.

[31] Fertitta's philanthropic efforts include supporting his high school alma mater, Bishop Gorman, as well as the University of Nevada, Las Vegas (UNLV).

As part of the program, 20 full-time MBA military students receive scholarship support and participate in a six-week, six-credit summer term that facilitates their transition to the academic and professional communities.

Fertitta as owner of the Palms Casino nightclub KAOS lost an $8 million lawsuit in 2022 brought by DJ Kaskade for nonpayment of his two-year performance contract.