Would the LLC structure also protect him in case they decided to fine him $100 million?
It'd probably protect him in case a wild animal bit one of his guests.
It's relatively cheap protection when so many things can go wrong.
The courts can and often do pierce the veil of sham LLCs like this. The LLCs main use (still bad), is that if LLC1 runs up a debt of a billion dollars, LLC2 might be protected from it.
Yes, it separates financial liability from personal assets. Another good reason that I forgot to mention.