Golden Nugget owner places $1 million March Madness bet

(PRESS RELEASE) -- Tilman Fertitta, owner of the Golden Nugget Hotel & Casino, agreed to a bet that would payout $1 million should the University of Michigan win the NCAA title. Though the Golden Nugget - Las Vegas could have turned down the bet, the Race & Sports Book decided to take it at the direction of Fertitta.

In March, neighboring casino owner, Derek Stevens, who owns a few hotels himself in downtown Las Vegas, put $12,500 down on 80-to-1 odds from the Golden Nugget that the Wolverines team that started would cut down the nets at the end of the NCAA Tournament. After the Wolverine's defeated #2 ranked Louisville Cardinals, 73-69, University of Michigan has made the Sweet 16. The Wolverines will now battle it out with #3 ranked Oregon this Thursday, March 23, in hopes of making the Elite Eight.

Tilman Fertitta placed a bet of his own on University of North Carolina to take home the trophy. He is currently tied for second place in the Bloomberg Brackets for a Cause March Madness challenge. Should Fertitta win the more than $380,000 jackpot goes to his charity of choice, Houston Police Foundation, to support projects of the Houston Police Department and fund special programs, officer safety, training, equipment and new technology.

The Race & Sports Book director at the Golden Nugget Las Vegas said the biggest payout ever made was $100,000, so this would be a massive loss. Stay tuned to see if Fertitta will be out a million dollars come the final buzzer of the NCAA tournament.