Brothers Lorenzo and Frank III Fertitta, sons of retired casino magnate Frank Fetitta Jr., have recently gifted the NYU Stern School of Business with a generous $15 million endowment for the newly established Fertitta Veterans Program.
The donation will assist the full-time acceptance of around 20 military veterans looking to pursue an MBA, reducing tuition to a flat $30,000 per year. The current tuition rate for the NYU Stern MBA program is just above $66,000 per year.
Speaking with NYU Stern, MBA student Samantha Sarkis says, “Business school is a huge financial investment and an even bigger one when attending one in NYC because the cost of living is almost as much as your tuition. When considering what schools to attend, I weighed out the opportunity costs of the school brand, location, opportunities and tuition. While researching schools, NYU was the only school that offered a non-9/11 GI Bill scholarship, which was extremely appealing given the strength of its brand, location and unique opportunities of living in NYC.”
The program will not only provide a significantly reduced tuition rate, but will also provide courses to spearhead MBA students into their future business careers.
Isser Gallogly, the associate dean of MBA admissions and program innovation, says, “Students will participate in a six-week summer term during which they earn six credits and participate in a variety of academic, leadership and career development activities. Students will take the core course statistics and data analysis, as well as accounting.”
The effort to naturally integrate returning military veterans is not just limited to the school, says Raghu Sundaram, vice dean of MBA programs.
“A part of it is professional: connecting them to alumni who are themselves veterans and who can act as mentors, assisting in this transition process and to corporations who hold special events for veterans,” Sundaram says. “And a part of it is social, allowing them to bond with each other even as they get to know the school and the city.”
The scholarship will officially go into effect in 2017.
The Fertitta brothers both work in the casino and sports entertainment industry. Frank III, who earned a BA/BS from the USC Marshall School of Business, is the current CEO of Station Casinos, which was originally founded by his father. He is also a part-owner of Zuffa LLC, the company that owns the UFC, of which Lorenzo works for. Lorenzo graduated with an MBA from NYU Stern in 1993.
Click here for more information on the NYU Stern Fertitta Veterans Program.