A 23,000-square-foot Mexican restaurant and events venue rising on the corner of Treasure Island is now letting everyday Las Vegas visitors buy a stake in it. El Corazón, developed by Fine Treasure LLC and led by longtime Strip nightlife operator Jonathan Fine, has opened a public investment round tied to its planned January 2027 opening, with the site currently under construction on the Las Vegas Strip.
The offering is being conducted under Regulation Crowdfunding, a mechanism that, according to Benzinga, allows Fine Treasure LLC to raise capital from both accredited and non-accredited investors through intermediary DealMaker Securities LLC, a registered broker-dealer and member of FINRA and SIPC based in New York. Under SEC rules updated in March 2021, eligible private companies can raise up to $5 million in a 12-month period from the general public through such SEC-registered funding portals, according to the U.S. Securities and Exchange Commission. Fine Treasure LLC has filed a Form C with the SEC and is conducting the offering pursuant to Section 4(a)(6) of the Securities Act, per Benzinga's reporting.
El Corazón's offering circular projects initial Year 1 revenue of $28 million, growing to more than $33 million by Year 3, supported by an estimated 85,000 pedestrians passing its corner of the Strip daily, according to the venture's investment site. The project combines six distinct revenue engines across its 23,000 square feet, including a ground-floor dining room and bar, plus a 16,000-square-foot second-floor banquet and events facility designed for weddings, conventions, corporate retreats and private events, Benzinga reports. Treasure Island has committed significant tenant improvement funds toward the buildout, while private investors and Fine Entertainment have put in an additional $2 million, per the same report.
A Corner Once Held by Señor Frog's
El Corazón is taking over the space previously occupied by Señor Frog's, which had operated at Treasure Island since 2012 before permanently closing on December 31, 2024, according to a report cited via Usmenuguide. Señor Frog's grossed more than $18 million in its final year of operation, per Benzinga's figures. Fine has signed a 10-year lease on the space with extension options, and El Corazón overlooks the Treasure Island lagoon.
The location sits within walking distance of the Wynn, Encore and Sphere, and faces the Palazzo at the Venetian across the Strip, according to Benzinga. It's also next door to a planned Hard Rock Hotel expansion: the former Mirage property closed in July 2024 to undergo a multi-billion-dollar transformation into the Hard Rock Hotel & Casino Las Vegas, centered on a guitar-shaped hotel tower just shy of 700 feet tall slated to open in late 2027 or early 2028, as detailed by The Nevada Independent. Hard Rock bought The Mirage from MGM Resorts International in 2022 for $1.1 billion, per the same outlet. Sphere sends roughly 7,500 guests onto the Strip each night, and the Formula 1 Las Vegas Grand Prix circuit runs directly past El Corazón's front entrance, according to Benzinga.
Fine's Track Record Building Strip Venues
Fine, a native Las Vegan named Entrepreneur of the Year by the U.S. Small Business Administration in 2006, founded Fine Entertainment, which serves more than 1 million patrons annually across Las Vegas, per Benzinga's reporting. He announced plans to launch PBR Rock Bar & Grill at Planet Hollywood's Miracle Mile Shops in 2010, according to Las Vegas Weekly. PBR Rock Bar grossed more than $20 million in its last full year, per Benzinga.
Fine Entertainment's portfolio includes The George Sportsmen's Lounge, which now grosses nearly $14 million annually, per Benzinga. Fine's broader portfolio also includes the seven-location PKWY Tavern, Oak Room, BLVD Grille and Smelly Cat Karaoke.
“I don't build the coolest bars in the city. I build the ones the most people want to go to,” Fine said, according to Benzinga. He also said El Corazón is the biggest project of his career and sits on the best corner he has ever had, adding that people who packed his rooms for the last 20 years can now own a piece of it.
Investor Perks and Risk Warnings
Investor benefits tied to the raise include reserved seating at the private bar, Formula 1 terrace access and bottle lockers, per Benzinga's reporting. DealMaker Securities conducts anti-money laundering, identity and bad actor disqualification reviews of the issuer but does not make investment recommendations, the outlet notes. Benzinga also cautions that the offering involves the possible loss of principal, that investors may receive illiquid or restricted stock, and that equity crowdfunding investments are speculative and carry a high degree of risk.
A Strip Market of Fewer Visitors, Bigger Spenders
El Corazón's public raise lands in a Las Vegas tourism market defined by a curious split: fewer total visitors but bigger spending per head. Las Vegas welcomed 38.5 million visitors in 2025, even as total visitor volume fell 7.5% compared to 2024, according to the Las Vegas Convention and Visitors Authority. The broader market discussion also includes gambling, gaming budgets and first-time visitors.
LVCVA leadership told state economic forecasters this month that while total visitor numbers face international travel and airfare headwinds, Las Vegas gaming revenues rose 2.3% year-over-year, per The Nevada Independent. It's a landscape where large-format venues like El Corazón, with its mix of dining, bar, lounge and banquet space, are betting on converting fewer but higher-spending repeat visitors rather than counting on a flood of newcomers.
Treasure Island itself, owned by billionaire Phil Ruffin since he purchased it from MGM Mirage in 2009, features 2,885 hotel rooms and nearly 48,000 square feet of casino floor space, according to Wikipedia. The resort provides a storied backdrop as El Corazón prepares to welcome its first guests, and investors, in January 2027.
