Billionaire, businessman, and television personality Tilman Fertitta merged his company Landry’s, the Houston-based restaurant group, along with Golden Nugget casinos with Fast Acquisition in order to take the companies public.
Bloomberg reports that Fidelity Investments, BlackRock Inc., and Neuberger Berman are among the investors who agreed to fund the business for $1.2 billion for a 35 percent share of the company. Fertitta, who also owns the Houston Rockets NBA team, will become the chairman and CEO of the company and own around 60 percent of shares, valued at $2 billion. In total, the deal is worth $6.6 billion.
Landry’s operates Del Frisco’s Double Eagle Steakhouse, Morton’s The Steakhouse, Chart House, Mastro’s Ocean Club, Bubba Gump Shrimp Co., Rainforest Cafe, and Saltgrass Steak House, among others, with locations across Las Vegas. In total, Landry’s operates nearly 600 restaurants nationwide. Fertitta bought Landry’s in 1986 when the company owned two seafood restaurants. Fertitta took his Golden Nugget Online Gaming Inc. public last year.
During the pandemic, Fertitta furloughed 40,000 employees, or 70 percent of his company’s workforce.
From 1993 to 2010, Landry’s operated as a public company, and then Fertitta took it private because he didn’t think the public market valued it highly enough.
• All AM Intel [ELV]