SHARED FORTUNE
Tilman Fertitta is taking his hospitality empire public, and that means Houston can expect more of the same from the billionaire owner of the Houston Rockets: growth. “We’ll be growing this company, so you’ll see us add more people to our corporate
office,” Fertitta said Monday.
Fertitta will take Landry’s Inc. and Golden Nugget casino operations public by merging them with a special purpose acquisition company, with the resulting businesses valued at $6.6 billion including debt. He’ll remain at the helm with a 60 percent stake, and his corporate offices are in Houston to stay.
Fertitta promised to flex his buying
muscle in the months to come, as casinos and restaurants struggling during the pandemic shed assets. Casual sit-down dining sales fell by more than half during the pandemic, but have since recovered to 20 percent below pre-pandemic levels. Highend dining revenue, however, remains about 40 percent below normal levels nationally.
“I’ve grown my huge net worth by being an opportunistic buyer, and yes, there’s going to be opportunities out there I want to seize upon,” Fertitta said.
The merger includes Landry’s more than 500 restaurants, including brands such as The Palm, Del Frisco’s and Rainforest Cafe; and five Golden Nugget casinos.
Not part of the deal are the Houston Rockets, Downtown Aquarium, his Galveston restaurants and Pleasure Pier.
Local hotels Post Oak, Westin, San Luis, Holiday Inn, Hilton and Boardwalk in Kemah will also remain under his private control, Fertitta said.
No changes will be felt at
any of his local establishments, he said.
As for his corporate offices, Fertitta, who has publicly
traded debt, said he already has the team and systems in place to support the public venture.
“It’s not a big switch,” he said.