landry's owner yacht

Building Landry's Has Certainly Paid Off for Tilman Fertitta — Check Out His Net Worth

Tilman Fertitta currently owns the Landry's restaurant empire and the Houston Rockets. How much is his net worth? Let's see how he made billions.

Feb. 23 2023, Updated 1:10 p.m. ET

Tilman Fertitta with Hakeem Olajuwon and Clyde Drexler

How much is Tilman Fertitta worth?

Where does tilman fertitta live, who is tilman fertitta’s wife, is tilman fertitta related to frank fertitta.

Tilman Fertitta is the chairman, CEO, and sole owner of Landry’s, one of the country’s largest restaurant corporations. In addition to his restaurant business, Tilman Fertitta has served as the NBA’s Houston Rockets owner since 2017. Given the diverse portfolio Fertitta has, many question just how wealthy Landry's CEO actually is.

Despite how poorly the Houston Rockets have been performing over the last three seasons, Fertitta isn’t too concerned. With a net worth like his, why would he? Instead, the Rockets owner has set his attention on Victor Wembanyama, who he hopes will help his team regain its footing in the league.

Read on to find out how Fertitta came to be an NBA team owner and more importantly, how he grew his net worth into the billions.

Tilman Joseph Fertitta

Businessman, Founder and CEO of Landry's

Net worth: $9.34 billion

Being a billionaire certainly has its perks. Not only does Tilman Fertitta own a yacht worth an estimated $40 million, but he also owns two private jets.

Birthplace: Galveston, Texas

Education: Studied business administration and hospitality management at the Texas Tech University and the University of Houston.

Spouse: Paige Farwell​​ (m. 1991, d. 2017), ​Lauren Ware

Kids: 4 (with Paige Farwell)

In 1980, Fertitta was a partner in the first Landry’s restaurant in Katy, Texas. Over the coming years, he grew the Landry’s name into a thriving restaurant corporation including over 60 unique brands spanning more than 600 properties. By 1993, he had taken the company public. In 2010, Fertitta purchased back all of the remaining shares and became the sole owner.

Some of the popular Landry’s restaurants are Bubba Gump Shrimp Co, Claim Jumper, Morton’s The Steakhouse, and McCormick & Schmick’s. The Landry’s Group also includes five Golden Nugget Hotel and Casino locations.

In addition to leading Landry's, Fertitta has also dedicated his time to being an author. In 2019, the Rockets owner published Shut Up And Listen! Hard Business Truths That Will Help You Succeed. He also starred in the CNBC television show Billion Dollar Buyer , in which he assessed small businesses to determine their compatibility with the Landry’s brand.

View this post on Instagram A post shared by Tilman J. Fertitta (@tilmanfertitta)

From it all, Fertitta has managed to grow his net worth to $9.34 billion, as per the Bloomberg Billionaire's Index .

During the COVID-19 pandemic , as the restaurant and casino businesses struggled, Fertitta furloughed tens of thousands of his employees to cut costs. He also took out loans for hundreds of millions of dollars. In 2021, sources said that Fertitta was in discussions about taking parts of his empire public.

While talks of an IPO had the internet buzzing in 2021, it was never carried out. Today, Landry's remains a private company.

Tilman Fertitta owns an estate in the River Oaks area of Houston, according to Velvet Ropes . The 25,000-square-foot home is situated on 5.4 acres and includes six bedrooms and seven bathrooms.  

Other amenities at Fertitta’s estate include a tennis court, an outdoor pool, and an 11-car garage. The family uses the home as a backdrop for many fundraising events.  

Fertitta was married to Paige Farwell from 1991 to 2017. The two share four children. While together, the family would regularly host fundraising events at their home, including a lavish “Santa’s Elves” party every December. The proceeds would be given to the University of Texas MD Anderson Children’s Cancer Hospital, according to The Houston Chronicle .

Following his divorce from Farwell, Fertitta tied the knot with Lauren Ware, who served as a litigation counsel for Landry’s at one time, Paper City Mag reported.

Fertitta is a third cousin to Lorenzo Fertitta and Frank Fertitta III, the owners of Station Casinos, according to Las Vegas Review-Journal . Brothers Lorenzo and Frank sold their stakes in UFC’s owner Zuffa in 2016. They both have net worths in the billions.

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US couple whose catamaran was hijacked were likely thrown overboard and died, Grenada police say

Police in Grenada said the U.S. elderly couple Ralph Hendry and Kathy Brandel, whose catamaran was hijacked a week earlier, were likely dead. (AP Video: Kenton X. Chance)

Relatives stand nearby as investigators from Grenada and St. Vincent and the Grenadines stand aboard the yacht “Simplicity,” which they say was hijacked by three escaped prisoners with two people on board, now anchored at the St. Vincent and the Grenadines Coast Guard Calliaqua Base, in Calliaqua, St. Vincent, Friday, Feb. 23, 2024. Authorities in the eastern Caribbean said they were trying to locate two people believed to be U.S. citizens who were aboard the yacht that was hijacked by the three escaped prisoners from Grenada.(AP Photo/Kenton X. Chance)

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The yacht “Simplicity”, that officials say was hijacked by three escaped prisoners with two people aboard, is docked at the St. Vincent and the Grenadines Coastguard Service Calliaqua Base, in Calliaqua, St. Vincent, Friday, Feb. 23, 2024. Authorities in the eastern Caribbean said they were trying to locate two people believed to be U.S. citizens who were aboard the yacht that was hijacked by the three escaped prisoners from Grenada. (AP Photo/Kenton X. Chance)

Investigators from Grenada and St. Vincent and the Grenadines stand aboard the yacht “Simplicity”, that they say was hijacked by 3 escaped prisoners with two people aboard, now anchored at the St. Vincent and the Grenadines Coastguard Service Calliaqua Base, in Calliaqua, St. Vincent, Friday, Feb. 23, 2024. Authorities in the eastern Caribbean said they were trying to locate two people believed to be U.S. citizens who were aboard the yacht that was hijacked by the three escaped prisoners from Grenada. (AP Photo/Kenton X. Chance)

Read the latest: Here’s what to know about a US couple missing in the Caribbean

SAN JUAN, Puerto Rico (AP) — A U.S. couple whose catamaran was hijacked last week in the Caribbean by three escaped prisoners were presumed dead and likely had been thrown into the ocean, police said Monday.

The accounts by police in Grenada and in St. Vincent and the Grenadines were a blow to those who were independently helping search for Ralph Hendry and Kathy Brandel and had hoped they were alive.

Don McKenzie, commissioner of the Royal Grenada Police Force, said at a news conference that the three prisoners escaped on Feb. 18 from the South Saint George Police Station. They hijacked the catamaran Simplicity on the following day and then headed to St. Vincent, where they were arrested last Wednesday, he said.

“Information suggests that while traveling between Grenada and St. Vincent, they disposed of the occupants,” McKenzie said.

McKenzie said he had no conclusive proof that the couple was dead but cited a “low probability” they were alive.

Hours later, the main spokesman for the Royal St. Vincent and the Grenadines Police Force posted a video saying that while no bodies have been found, the couple is presumed dead based on the investigation so far.

The suspects were being investigated for several criminal acts, including “bodily harm to the couple,” spokesman Junior Simmons said in the brief recorded statement. There were signs of violence on the couple’s boat found abandoned in St. Vincent, he said.

“Several items were strewn on the deck and in the cabin, and a red substance that resembles blood was seen on board,” he said.

The nonprofit Salty Dawg Sailing Association has said that Hendry and Brandel were “veteran cruisers” and longtime members of the association, calling them “warm-hearted and capable.”

It said the couple had sailed the yacht in last year’s Caribbean Rally from Hampton, Virginia, to Antigua, and were spending the winter cruising in the eastern Caribbean.

A son of Hendry and a son of Brandel did not immediately return messages for comment.

A GoFundMe page created to raise money for the couple’s family noted that Brandel had recently become a first-time grandmother, and that the sailing community was “shattered” by what happened.

“Kathy and Ralph, experienced adventurers, spent their retirement sailing aboard Simplicity, spending summers in New England and embracing the warmth of Caribbean winters,” the page stated.

McKenzie, Grenada’s police commissioner, said a five-person team was sent to St. Vincent to help with the investigation.

After his brief announcement on Monday, McKenzie and other police officials took questions from local media, including one reporter who asked, “Who is really to be blamed for this massive failure to keep these prisoners under the control of the (Royal Grenada Police Force) which has now resulted in this tragedy?”

McKenzie said police have launched an investigation into the escape and are looking into whether it was “a system failure” or a case of a “slip up.”

“All aspects of that investigation are on the table,” he said, adding that the police holding station where the three men were being held has “sufficient safety to prevent an incident like that (from) occurring.”

When the reporter asked why the three men who were arrested remained in a holding cell instead of prison, Vannie Curwen, assistant police commissioner, said the men first had to see a magistrate who would decide whether to grant bail or order them remanded.

The escaped prisoners, Trevon Robertson, a 19-year-old unemployed man; Abita Stanislaus, a 25-year-old farmer; and Ron Mitchell, a 30-year-old sailor; were charged a couple of months ago with one count of robbery with violence. Mitchell also was charged with one count of rape, three counts of attempted rape and two counts of indecent assault and causing harm, police in Grenada said.

Simmons said the three men appeared in court in St. Vincent on Monday and pleaded guilty to four counts each of immigration-related charges, including entering the island as a “prohibited immigrant” with no passport. They are scheduled to be sentenced on those charges in March.

US couple whose yacht was hijacked by prisoners were likely thrown overboard, authorities say

An American couple who was feared dead after their catamaran yacht was hijacked by three escaped prisoners were likely thrown overboard in the Caribbean Sea, authorities said Monday.

Ralph Hendry, 66, and his wife, Kathy Brandel, 71, were last known to be near Grand Anse Beach in Grenada. Their catamaran, named "Simplicity," was found abandoned in St. Vincent and there were signs of violence at the scene, according to Royal Saint Vincent and the Grenadines Police Force spokesperson Junior Simmons.

Although family, friends, and members of the sailing community had hoped the pair was still alive, police in St. Vincent and the Grenadines said Hendry and Brandel were likely thrown into the ocean when their vessel was hijacked. "Based on the investigation thus far, it is presumed that Ralph Hendry and Kathy Brandel are deceased," Simmons said in a  video statement Monday .

Don McKenzie, police commissioner of the Royal Grenada Police Force, said at a news conference Monday that the three prisoners escaped on Feb. 18 from the South St. George Police Station. They hijacked the catamaran on the following day and traveled to the nearby island of St. Vincent, where they were arrested last Wednesday, he said.

Police: Prisoners 'disposed' occupants of Simplicity

After escaping from the South St. George Police Station, McKenzie said the three prisoners "commandeered" the catamaran, which had two U.S. citizens on board, Hendry and Brandel. The couple were likely thrown into the ocean and died, police in Grenada said.

“Information suggests that while traveling between Grenada and St Vincent, they disposed of the occupants,” McKenzie said.

McKenzie added that while police have "nothing conclusive" to prove that the couple was dead, he cited a "low probability" they were alive.

The suspects are being investigated for several criminal acts, including "bodily harm to the couple," according to Simmons. Authorities discovered signs of violence on the couple’s boat after it was found abandoned, he said.

"Several items were strewn on the deck and in the cabin, and a red substance that resembles blood was seen on board," Simmons said.

Stay in the know: For more updates, sign up for USA TODAY's Daily Briefing.

Police investigating prisoners' escape

According to the Royal Grenada Police Force, the escaped prisoners were identified as Ron Mitchell, 30; Trevon Robertson, 19; and Abita Stanislaus, 25.

All three were arrested and charged in December with one count of robbery with violence. Mitchell also was charged with one count of rape, three counts of attempted rape, and two counts of indecent assault and causing harm, police said.

McKenzie said police have launched an investigation into the escape and are looking into whether it was "a system failure" or a case of a "slip up."

"All aspects of that investigation are on the table," he said, adding that the police holding station where the three men were being held has "sufficient safety to prevent an incident like that (from) occurring."

The three men appeared in court in St. Vincent on Monday and pleaded guilty to four counts each of immigration-related charges, including entering the island as a "prohibited immigrant" with no passport, according to Simmons. They are scheduled to be sentenced on those charges in March.

Simplicity discovered by paddle-boarder near St. Vincent

The Salty Dawg Sailing Association said it was alerted by a cruising skipper about Simplicity, which was found "anchored and abandoned" off a beach on the island of St. Vincent. The association added that its live member’s tracking map showed the vessel anchored in Grenada before it moved to its last anchorage off St. Vincent.

"The good Samaritan had boarded the boat and noted that the owners … were not on board and found evidence of apparent violence," the association said in a statement. 

People reported that a sailing captain was paddle-boarding near St. Vincent when he noticed the catamaran with a broken sail. When he boarded Simplicity, he found the deck covered in blood and two passports belonging to Brandel and Hendry, according to People.

The St. Vincent Coast Guard took possession of Simplicity and local police are investigating with the U.S. Embassy and the Grenada police, according to the association.

Family, sailing community mourns couple's disappearance

According to a GoFundMe page raising money for the couple's families, Hendry and Brandel were "seasoned sailors who lived on their beloved catamaran." The pair spent their retirement sailing, the GoFundMe page states.

"This heartbreaking tragedy has left not only the sailing community, but also their families, shattered," the GoFundMe page states, adding that Brandel had recently welcomed her first grandchild.

The couple had sailed their yacht in last year's Caribbean Rally from Hampton, Virginia, to Antigua, and were spending the winter cruising in the eastern Caribbean, the Salty Dawg Sailing Association said. The association noted that the couple were veteran cruisers and longtime members of the association from its earliest days.

"Warm-hearted and capable, they both contributed to building the SDSA and Kathy sat on the association’s board for two years," the association said.

In a statement from the couple's families on Saturday, they thanked authorities and those who helped gather information.

"It means so much to us that so many people cared for Ralph and Kathy as friends and fellow cruisers that they are willing to stop and help in whatever way possible," the couple's sons, Bryan Hendry and Nick Buro, said.

Travel advisories near the Caribbean

Both Grenada and St. Vincent and the Grenadines are listed under a Level 1 travel advisory, according to the U.S. State Department. A Level 1 travel advisory urges U.S. citizens to take normal precautions in the area.

Other Caribbean islands are more dangerous, with Level 2 and 3 advisories in effect for the Bahamas and Jamaica, respectively. The advisory for the Bahamas was issued last month , warning travelers to "exercise increased caution" due to crime in some areas.

A security alert posted by the  U.S. Embassy in the Bahamas also advised U.S. citizens to be "aware that 18 murders have occurred in Nassau since the beginning of 2024." The alert warns that murders have occurred at all hours including in broad daylight on the streets.

Contributing: Gabe Hauari, USA TODAY; The Associated Press

Texas Yacht club

Meet 6 wealthy texans who, like jerry jones, set sail in swanky yachts.

Dallas billionaire Jerry Jones isn’t the only wealthy Texan who belongs to the yacht club. Other millionaires and billionaires from the Lone Star State are in the same luxury boat.

The Cowboys owner recently coughed up an estimated $250 million for a 357-foot superyacht — nearly as long as the football field at AT&T Stadium. Jones’ vessel, Bravo Eugenia , appears to be the most valuable yacht owned by a Texas resident, research shows. In fact, Bravo Eugenia now easily ranks among the most expensive yachts in the world .

Despite the stratospheric value of Jones’ boat, it’s definitely not the only yacht making waves among Texas’ rich and famous. Here’s a look at super swanky megayachts owned by six of Jones’ wealthy counterparts in the Lone Star State.

Note: Our findings are based on various media reports. It's unclear whether some of these yachts remain anchored at the docks of the listed owners, but no reports could be found that indicate they’ve sailed away to new owners.

Carl Allen Dallas millionaire, trash-bag magnate, private investor, environmental warrior Yacht: Gigi (named after owner’s wife) Estimated value: $40 million (yacht only) Length: 164 feet Amenities: Six guest cabins, two outdoor bars, port-side balcony, Jacuzzi, elevator. Other craft in Allen’s fleet are an Icon A5 seaplane; the 180-foot support vessel Axis , complete with a deep fryer and smoker grill; a 52-foot powerboat, Frigate ; and a Triton deep-sea submersible submarine. Description: The design of the yacht provides “an interior with [a] somewhat traditional yet crisp style, while [the] slightly contemporary exterior features create an impressive, exclusive resort appeal on all decks.” Quotable: “ Gigi is a true note of sophistication in yachting.” Noteworthy: When not in use, Allen’s yacht and the rest of his armada are kept at Walker’s Cay , a Bahamian island that he purchased in 2018. Gigi can be chartered for around $225,000 a week.

Doug Barnes Dallas millionaire, founder and owner of Eyemart Express eyewear chain Yacht: Azzurra II (formerly Neninka II ) Estimated value: $20 million Length: 156 feet Amenities: Five guest cabins, including master suite with 21 large windows and private sundeck; six-person Jacuzzi; gym; gas grill; outdoor theater; 10-seat formal dining area Description: Azzurra II is “a modern and luxuriously appointed superyacht .” Quotable: “ Azzurra II is kept in meticulous condition by her [owner] and has been continuously upgraded.” Noteworthy: Azzurra II can be chartered for an estimated $181,500 per week (low season) or an estimated $210,000 per week (high season), plus expenses. The yacht is a certified dive boat.

Charles Butt ​ San Antonio billionaire, chairman and CEO of family-owned H-E-B grocery chain Yacht: Rebecca Estimated value: $15 million Length: 139 feet Amenities: Cabins with room for about a dozen guests and crew members Description: Rebecca is said to be “one of the finest-looking modern sailing yachts in the world.” Quotable: The yacht is “certainly everything and more than I ever dreamed of when I started the project,” Butt says . “I appreciate greatly the time and painstaking care … put into creating Rebecca .” Noteworthy: With Rebecca , Butt sought to “combine all of the best elements of yachts from the mid-19th century to the modern day, in a stylish, eye-catching yacht which would give high performance under sail.”

Rod Lewis San Antonio billionaire, oil and gas mogul Yacht: M5 (formerly Mirabella V ) Estimated value: More than $50 million Length: 247 feet Amenities: Master suite, six guest cabins, two helipads, Carbon Cub lightweight seaplane, gym, sauna, Jacuzzi, movie theater, 20-seat dining room , barbecue area, saloon, swimming platform, “dip” pool, spa pool, array of water toys Description: Largest single-mast yacht ever built Quotable: The 292-foot mast is so tall that “the yacht can’t fit under the Golden Gate Bridge or through the Panama Canal.” Noteworthy: Joseph Vittoria, former chairman and CEO of the Avis rental car company, previously owned the yacht .

Tilman Fertitta Houston billionaire, owner of restaurant and entertainment company Landry’s and NBA’s Houston Rockets Yacht: Boardwalk (named after owner’s Kemah Boardwalk) Estimated value: $40 million Length: 163 feet Amenities: 12 bedrooms, 15 bathrooms, chef’s kitchen , helipad , assortment of water toys Description: The yacht “ reflects a mix of spaces meant for grown-up fun and family-friendly gatherings.” Quotable: Asked whether his jet is his favorite “toy,” Fertitta said in 2018: “The jet’s really not a toy. That’s just a way to get somewhere. The Rockets aren’t a toy, either. It’s big business that I paid $2 billion for! I guess I’ll say my yacht. I like it a lot. I’m on my fifth one and building my sixth one.” Noteworthy: While growing up in Galveston, Fertitta dreamed of owning a yacht.

John Paul DeJoria Austin billionaire, hair care baron, tequila tycoon, owner of high-end boat maker Yacht: Pryat (named after owner’s ultra-premium Caribbean rum brand) Estimated value: Not available Length: 60 feet Amenities: Viking range in the kitchen, heated towel racks in the master bathroom, “more oiled mahogany than a lumberyard.” Description: Pryat is a “sleek and regal plaything.” Quotable: Asked in 2016 about his massive fortune, DeJoria shot back: “You mean, ‘Why aren’t you sitting on a 300-foot yacht right now?’ Because I have no need for that. This is the coolest boat.” Noteworthy: Another vessel associated with DeJoria — the M/V John Paul DeJoria (an anti-poaching boat operated by the Sea Shepherd Conservation Society) — was the first ship to ever be christened with a bottle of Patrón tequila.

Jerry Jones is making waves with his recent purchase of the Bravo Eugenia.

We will not share or sell your email address., girls in white dresses, 44 dallas symphony debutantes dip and dance at regal presentation ball.

Like graceful swans, 44 young women in billowing white ballgowns and long white gloves "Texas dipped" into society at the 3 8th Annual Dallas Symphony Orchestra League Presentation Ball on February 10 at the Morton H. Meyerson Symphony Center.

The culmination of nearly a year of parties, philanthropy, and training for the debutantes, DSOL Presentation Ball is one of the most glamorous, formal events in Dallas (including one of the only invitations to request a dress code of black or white tie).

The presentation of Dallas Symphony debutantes is a time-honored tradition for many of Dallas' most influential and philanthropic families. The debs are of college age and typically are graduates of Dallas-area high schools, but may be attending college out of the area.

Participation is open to all young women. Much like a sorority, participants pay fees and participate in parties, fundraisers, classes, and other events throughout the year, all leading up to the Presentation Ball.

The 2024 class was one of DSOL's biggest and most diverse in its nearly four-decade history (there were 26 presented last year ). It took place under the guidance of chair Kristin Cordiak and DSOL President Nancy Labadie .

Honorary chairs were Margaret and Barry Hancock , who have special ties to DSOL: They had met when Margaret made her debut in 1992 and Barry was her Honor Guard escort. All of their children have participated in the Presentation Ball.

Now, for the most important part. The 2024 debutantes were: Helena Breland Bach; Erika Mae Batson; Mia Lane Blanton; Claire Elise Cahoon; Ellie McClain Gidden; Ripley Elizabeth Cooley; Kennedy Claire Downing; Electra Wallace Ford; Sarah Rose Gambrell; Catherine Lee Grayson; Camille Anne Greening; Meredith Elizabeth Hallam; Grace Soleil Handler; Caroline Parker Hart; Catherine Bradford Hunt; Isabella Ann Jackson; Ashley Elizabeth Jaynes; Ellen Taylor Jones; Minje Kwun; Emannuelle Grace Le Voyer; Claire Michael Levy; Riya Kaur Luthra; Elizabeth Myers Madison; Avery Pilar Moore; Finley Elizabeth Nelson; Day Gilmer Nettle; Lillian Susan Nettle; Mina Hiranmayee Raj; Bailey Erin Robirds; Courtenay Christianson Sands, Kathryn Bunker Sands; Caroline Robertson Smith; Sheridan Michelle Spencer; Caroline Story Stiles; Leslie Katherine Swango; Caroline Parker Teegarden; Payton Grace Thurman; Megan McKamy Dyer Underwood; Lauren Alexis Watkins; Charlotte Nicole Webb; Kelley Caroline Wheeler; Abigail Archer Willingham; Claire Anh Wooley ; and Sophia Corina Yung .

In grand tradition that dates to Britain's Queen Victoria , each young woman was escorted onto the concert stage by her father (or an uncle or family friend) as the Dave Alexander Orchestra played a theme of her choosing - showtunes, pop songs, one proud Dallasite chose the theme song from TV's Dallas , and a University of Texas student went with "The Eyes of Texas." Dads then kissed them on the cheek, stepped to the side, and looked on proudly as the women walked forward.

Slowly, purposefully, gracefully, each woman curtsied all the way to the ground for her "Texas dip" - arms out, head forward, head bowed, head to the side - all while clutching a floral bouquet. A member of the Honor Guard then assisted her onto her feet and carefully escorted her off stage.

After all 44 women were presented, the audience headed hastily to the lobby, where trumpeters lined the grand staircase and the women were ushered onto the dance floor for the traditional father-daughter Grand Waltz.

Patrons found their tables for a sumptuous filet mignon dinner, and wine stewards never let glasses run dry. Then the Limelight Band took the stage, and the dance floor filled for a high-energy after-party.

The Presentation Ball, which was first held in 1987, is the largest fundraiser for the DSOL. Over $17 million has been raised for the Dallas Symphony Orchestra through the annual black- or white-tie event.

Founded in 1946, the DSOL's mission is to support the Dallas Symphony Orchestra through service, education and fundraising activities. Since 1998 the League has contributed over $22 million in support of the DSO's many community initiatives.

Photo by James French Photography

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Billionaire Restaurateur Tilman Fertitta Is Taking His Dining and Casino Empire Public

The owner of morton's, mastro's, del frisco's and more hasn't always been a fan of being a public company., jeremy repanich, jeremy repanich's most recent stories.

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In the wake of the 2008 Financial Crisis, Tilman Fertitta was able to take his Houston -based Landry’s Inc. dining empire private. In 2010, he bought out shareholders to assume 100 percent control of the company after being traded publicly since 1993. Now, in the midst of the pandemic that’s wreaked havoc on the hospitality industry, he’s going public again.

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Fertitta has merged Landry’s Inc—owner of restaurant chains including Mastro’s , Del Frisco’s Double Eagle, Morton’s, Willie G’s, Bubba Gump Shrimp and more—and his Golden Nugget casinos with Fast Acquisition Corp., a special purpose acquisition company that went public in August. Bloomberg reports that institutional investors Fidelity Investments, BlackRock Inc. and Neuberger Berman will secure a 35 percent stake in the company for $1.2 billion. The deal does not include Fertitta’s NBA franchise, the Houston Rockets, and it makes him chairman and CEO of the venture.

Covid-19 has been rough on Fertitta, who has built an empire on in-person experiences like restaurants, casinos, boardwalks and an NBA franchise. Early in the pandemic, he furloughed 45,000 employees—about 75 percent of Landry’s workforce, according to the Houston Chronicle . He also took a $300 million loan at 13 percent to help keep the company afloat.

Months later, he says that going public will help fuel his growth strategy. “In today’s opportunistic world, I determined that in order to maximize the opportunities in the gaming, entertainment and hospitality sectors, it was preferable to take my company public,” he said in a statement announcing the merger . “We first began to explore going public in 2019, as we saw tremendous M & A deals hitting the market. However, the pandemic set these efforts back.”

This is a marked shift from how he previously felt about making Landry’s publicly traded.

“It was great to be public,” Fertitta told Robb Report in 2019. But that changed for him when the Sarbanes-Oxley Act passed congress in 2002, upping the amount of regulatory scrutiny on public companies. The law was a response to the corporate corruption scandals of the early aughts involving Enron, Tyco and WorldCom, and an attempt to provide more transparency to financial dealings and accounting practices.

“When they started Sarbanes-Oxley I owned 53 percent of the company and all the audit was about was the executive officers,” Fertitta said. “So the auditors, they’re spending time going through the executives—they’re taking time to go through my American Express bill. I’m saying, ‘I’ve got people stealing my ass off every day, and y’all are worried about me and I own 53 percent of the company?’ That’s what Sarbanes-Oxley was about, and I just said, ‘This is bullshit.’ Then you had the big fall in the stock market [in 2008] and I just seized the opportunity to take it private.”

In the decade that followed, he went on the hunt for distressed restaurant brands he could buy up, restructure and bring under Landry’s control. He acquired Bubba Gump Shrimp Company, Claim Jumper, McCormick & Schmick’s, Morton’s The Steakhouse, Joe’s Crab Shack and more. Then, in late 2019 he made one of his biggest acquisitions, spending a reported $300 million for Del Frisco’s, according to Restaurant Business Online . So while Fertitta says going public now will help him continue expanding, he’d previously said being private had facilitated his purchasing.

“I was able to go out and do a bunch of acquisitions of other companies—where stocks had fallen and hadn’t recovered—that I might not have done if I was public,” Fertitta said. “My company was big enough at that point that getting to the capital markets is no difference. When you reach a certain size you’re so big, I accessed the capital markets as good as anybody else.”

That access may not be the same today. Despite the hit his company has taken from Covid-19, its clear the pandemic has done nothing to slake Fertitta’s thirst for expansion. What has changed is how he can get the money to finance that growth. For a decade, he could fuel that buildup without taking on investors. Now he needs those sources to fund the acquisitions he loves making.

Jeremy Repanich is Robb Report's culinary editor. He joined the magazine after stints at Good, Playboy, and multiple publications at Time Inc. His writing has also appeared in Vice, Deadspin…

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Tilman Fertitta taking restaurant, casino empire public in $6.6B merger

HOUSTON, Texas (KTRK) -- Houston billionaire entrepreneur Tilman Feritta, who is also the owner of Landry's Incorporated and Golden Nugget Casino, announced Monday morning he is taking both companies public.

The company has entered a definitive merger agreement worth an estimated $6.6 billion with FAST Acquisition Corp., a special purpose acquisition company.

The move will result in Fertitta Entertainment becoming a publicly listed company.

Still, Fertitta will continue to lead his Golden Nugget and Landry's empire, serving as the chairman, president and CEO, as well as the largest shareholder with approximately 60% interest in the company and stock valued upon the closing of the transaction in excess of $2 billion.

This isn't the first time Fertitta has taken his empire public.

He first took Landry's public in 1993 through a traditional IPO, making a number of acquisitions after that.

"I look forward to returning my Company to the public marketplace. After taking the company private in 2010, we accomplished a lot. However, in today's opportunistic world, I determined that in order to maximize the opportunities in the gaming, entertainment and hospitality sectors, it was preferable to take my Company public," Fertitta said in a release.

He said he first began to explore going public in 2019, but the COVID-19 pandemic set efforts back.

In June 2020, it was announced Fertitta's online casino, Golden Nugget Online Gaming, Inc. , would go public and be acquired by Landcadia Holdings II, Inc., a publicly-traded special purpose acquisition company co-sponsored by Fertitta Entertainment, Inc. and Jefferies Financial Group Inc.

That completion of the transaction meant the company's name would change to Golden Nugget Online Gaming, Inc. and its NASDAQ trading symbol became GNOG.

Landcadia plans to acquire businesses in the consumer, dining, hospitality or entertainment sectors.

You can read more on Fertitta's online casino from our partners at Houston CultureMap.

Fertitta is the owner of the Houston Rockets , taking over the franchise in Oct. 2017.

His $2.2 billion bid, an NBA record, to own the storied franchise was approved unanimously among the league's owners.

But that's far from all in the mogul's hefty portfolio.

Fertitta also became the owner of the only Bugatti dealership in the city of Houston, which is showcased in his posh Post Oak Hotel that opened its doors in 2018. That same year, he was honored by the University of Houston's athletic department as he helped make their new basketball facility possible. The Fertitta Center ushered in a new era for the Houston Cougars. Fertitta was also inducted into the UH Athletics Hall of Honor

At least seven Houston companies have gone public since the beginning of September, including Academy Sports and Outdoors, which raised $203 million by selling more than 15 million shares at $13 each.

The video above is from a previous story about Tilman Fertitta, taking a look at his background as a business owner.

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Tiara's New 54-Foot Yacht Has a Deck That Transforms Right in Front of You

Tiara Yachts is a U.S. builder that values adventure as a key piece of its DNA. I've done trips on board a number of their boats that were focused on fishing and diving. Those models were built for fun-small and sporty with a wind-in-your-hair vibe.

But at last year's Miami International Boat Show, Tiara announced its intentions to make the "Yachts" in its name really count for something larger, with the debut of the flagship EX60 -its first proper yacht. The fit and finish-already a point of pride for the Michigan builder-was at another level, while the versatile layout was in line with Tiara's innovative past.

The next model down is the new EX54, which debuted at last month's Miami show. With a length that is six feet smaller, this boat is just as creative with yacht-y accoutrements, along with attention to detail that cements Tiara's next-generation ambitions. I had a chance to step aboard to see the similarities with the EX60.

The EX54's's cockpit will most likely lure many owners away from similar-sized competitors, thanks to its customizability. It comes in three setups that include a social version with two settees facing one another, an adventure configuration that loses the rear settee to make room for dive tanks and scuba gear, or a "glass-patio" design with modular ottomans.

The boat in Miami had the double settee which, coupled with mezzanine seating a few steps up and forward, gave this boat the feel of a larger motoryacht, in line with the trend of maximizing the exterior space that is currently in vogue in the superyacht world. The mezzanine seating featured a flip-down teak bar to port with a flip-up window with Australian undertones. I found it a bit odd that the bar was not adjacent to the amidships galley for easier service.

The EX54's cabin featured two Tiara hallmarks: high-level woodwork and a focus on ergonomics. The teak across the main deck was richly grained, with snug joinery. Handholds were common as well, but discreetly embedded in structures like a dining table and a countertop so as not to dim the yacht's aesthetic appeal.

Tiara clearly designed this boat for a seaway, a point made by the portside companion seating opposite the two-seater helm-which creates four forward-facing seats in the salon. That configuration is where you want to be sitting if the boat is in big water. The Miami model had an optional Seakeeper 9 that mitigates rocking and rolling, both at anchor or when moving at slow speeds in larger swells.

Other nods to onboard comfort can be found down in the full-beam master amidships that is remarkably roomy for a boat this size, a trait that extended to the head where the shower had 6-feet, 8-inches of headroom and enough shoulder space for just about anyone, short of NBA stature, to fit comfortably.

The boat is powered by twin Volvo Penta IPS2 950s that is paired with a glass cockpit by Garmin. The joystick control gives the driver excellent slow-speed maneuverability and high-speed handling as well as low noise. In speed tests, the boat reached a top end of 38.7 mph, with a friendly cruise of 30.6 mph that delivered a 334-mile range.

In the end, what you're getting is a yacht with Tiara's trademark DNA for adventure and seaworthiness in a package that is decidedly more luxe. It's a combination that that should be appealing, both to Tiara owners looking to move up, and to owners of foreign-built vessels that may soon come around to the rising tide of American build quality.

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Wizards guard landry shamet invests in wellness supplements company, eyes other business deals.

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Washington Wizards guard Landry Shamet (20) in action during the first half of an NBA basketball ... [+] game against the Denver Nuggets, Sunday, Jan. 21, 2024, in Washington. (AP Photo/Nick Wass)

As a student at Wichita State University, Landry Shamet didn’t pay much attention to business opportunities. He was busy with his school work and playing on the men’s basketball team. It was before college athletes began benefitting financially from their Name, Image and Likeness, too, so there weren’t chances for him to strike deals.

Still, early in his NBA career, Shamet started getting pitches about ways to earn money beyond his salary. He soon became interested in the topic, spoke with his financial advisors and friends inside and outside of the NBA and began investing.

Now in his sixth NBA season and first with the Washington Wizards, Shamet recently formed a partnership with Earth’s Splendor, a vitamins, minerals and supplements company. He serves as a brand ambassador and owns a 2.5% equity stake in the firm.

Contract Pharmaceutical Corp., a company based in Hauppauge, N.Y., on Long Island, manufactures and distributes Earth’s Splendor’s products and owns a stake in the company. Earth’s Splendor launched its ecommerce website last year.

“Being an athlete, taking care of your body is part of my job,” Shamet said. “It’s something I've always been really interested in and paid a lot of attention to in terms of what I'm putting into my body.”

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He added: “A lot of brands propose a one-time payment for these types of things, but I think it's cool to be able to (secure an equity stake). I have an added incentive in it, as well, because now I’m part of ownership. It’s cool to be able to have that stake and some skin in the game.”

This is not the first such deal for Landry. He also has an equity stake in the Lemon Perfect Co., an Atlanta company that makes lemon-infused beverages. Lemon Perfect raised $36.8 million last year in a deal that valued the company at $150 million.

Yanni Hufnagel, Lemon Perfect’s founder and CEO, is a former college basketball coach who recruited Shamet when Shamet was in high school and Hufnagel was an assistant at Harvard.

Shamet, a native of Kansas City, Missouri, stayed in the Midwest for college and enrolled at Wichita State in the fall of 2015. That November, he sustained a fracture in his left foot and underwent surgery, missing the rest of the season.

Shamet returned the next season and made first-team All-Missouri Valley Conference. Hen then made first-team All-American Athletic Conference during the 2017-18 season, averaging career-highs in points (14.9), assists (5.2) and rebounds (3.2) per game.

The Philadelphia 76ers selected Shamet in the first round (26th overall pick) of the 2018 draft. He was the first Wichita State player selected in the first round since Xavier McDaniel in 1985.

The 76ers traded Shamet to the Los Angeles Clippers midway through his rookie season in February 2019. Around that time, Shamet began showing interest in business thanks to some teammates who spoke about the importance of investing and being responsible with money.

“I’ve been fortunate to have veteran guys around me who have been pretty open about financial stuff and what they’re seeing, what they’ve learned, mistakes they’ve made,” Shamet said.

Shamet is particularly interested in the real estate sector. He has participated in a few deals with private lenders that provide short-term loans (1 to 3 years) to commercial property owners. He has also been working with a friend and former Wichita State teammate, Brett Barney, on a venture that plans on acquiring apartment properties.

Shamet and Barney have been evaluating potential deals for properties in and around Wichita and Phoenix, where Shamet played for two seasons before getting traded to the Wizards last June. Barney conducts much of the research and handles many conversations with brokers and lenders, but Shamet is involved and in touch with Barney three or more times per week and does as much as he can while also focusing on his NBA career.

“He’s somebody who is very well versed, business-wise,” Shamet said of Barney. “I love having him around me just because he kind of pushes me to try to be better, further grow myself in that department. He's just somebody I trust. He’s a smart dude, hungry, always trying to learn and get better.”

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