NEW YORK — New York University’s Stern School of Business has received a $15 million endowment gift from alumnus Lorenzo Fertitta (MBA ’93) and brother Frank J. Fertitta III to create a new program exclusively for U.S. military veteran and active duty students who will be entering the School’s full-time MBA program next year.
The Fertitta brothers own Station Casinos in Nevada and sold the Ultimate Fighting Championship (UFC) this year for $4 billion to talent agency WME-IMG.
The Stern School projects that approximately 20 incoming full-time MBA military students who are accepted into the Fertitta Veterans Program will receive scholarship support that reduces their tuition to a flat $30,000 per year. Students who qualify for veteran benefits, including Yellow Ribbon funding, will continue to be eligible to receive those benefits.
In addition to the scholarship money, the program will provide academic and professional support customized for veterans to ease the transition from the military to business school and eventually the business world. The Fertitta Veterans Program, believed to be the only program of its kind at a U.S. business school, will begin in summer 2017 for members of the full-time MBA Class of 2019. The uniquely designed summer session will include an early start on selected coursework; career programming with access to corporations and alumni; engagement with veteran alumni mentors; and social activities.
“The Fertitta family’s vision and generosity will support distinguished military personnel who seek the tools, knowledge and networks of an MBA in their return to civilian life, while significantly minimizing their financial burden,” said Peter Henry, dean, NYU Stern. “Their gift allows the School to take a giant leap forward in the level of commitment we will be able to offer the best and brightest military talent in their future career pursuits.”
“Making NYU more affordable is a foremost priority,” said Andrew Hamilton, president, New York University. “There’s no one approach or silver bullet that will overcome all our affordability challenges. But certainly generous philanthropy – such as that being demonstrated so outstandingly today by the Fertitta family – is a most important component. And I am especially pleased that this donation addresses the needs of a particular group to whom we have been giving quite a lot of thought and attention in recent months – veterans. On behalf of the entire University, I want to thank the Fertitta family for their splendid and generous gift.”
At the conclusion of the summer session, veterans will be fully integrated into the Full-time MBA program beginning with LAUNCH, Stern’s week-long MBA orientation.
“We are proud that we are able to launch this program. Our veterans are a greatly valued group among the faculty, their fellow students and employers. We are delighted to be taking an important step towards addressing affordability, an issue on which NYU has placed great emphasis,” said Raghu Sundaram, vice dean of MBA programs.
“My brother Frank and I have always been committed to assisting those who have proudly served our country and hope our gift encourages many of our military veterans to earn their MBA from my alma mater,” said Lorenzo Fertitta.