Tilman Fertitta, the Texas billionaire who has built a casino and restaurant empire, may be taking his company public, according to Bloomberg.
Supposedly Fertitta is just exploring his options having been encouraged by recent upward moves in the stock market. No one has been willing to talk on the record about the discussions.
Fertitta has casinos in New Jersey, Nevada, Mississippi and Louisiana under the Golden Nugget brand and many restaurants under the Landry’s brand, which includes Bubba Gump Shrimp and Del Friscos, with a combined value of several billion. According to these reports, the billionaire would want to retain 50 percent of the company.
Fertitta has a net worth of about 4.1 billion, according to Forbes. That’s down from $4.9 billion before the pandemic and also due to the fall in oil prices. In reaction to the pandemic he furloughed 40,000 employees and borrowed $250 million to fund operations.
He has used leveraged funds to build his empire. Issuing an IPO would enable him to pay down some of that debt.
Not included in the IPO would be his basketball franchise and other entertainment assets.
Previously the billionaire announced plans to take his online gaming enterprise public as Golden Nugget Online. His consideration of an IPO for his restaurant and casino empire put a damper the price of the vehicle he’s using to take his online operations public.
