A blank check firm could help launch an IPO for Texas billionaire Tilman Fertitta, who wants to take his Golden Nugget and Landry’s companies onto the New York Stock Exchange (NYSE).
The special purpose acquisition company (SPAC) Fast Acquisition Corp., could reportedly help Fertitta raise $1 billion to help retire some debt he has accrued during the pandemic keeping his casinos and restaurant chains afloat. Fast Acquisition already is listed on the NYSE.
According to Bloomberg, the SPAC is in talks with Fertitta. The new combined entity could be valued as much as $7 billion, an unnamed source told Bloomberg. Landry’s operates hundreds of restaurants, under names that include Morton’s steakhouse, McCormick & Schmick’s and Bubba Gump Shrimp Co.
Although neither Golden Nugget nor Landry’s commented, Fertitta has previously admitted he is working on bringing an IPO to the NYSE.
Fertitta, 63, is reportedly worth about $6 billion.
Fast Acquisition in 2019 raised $200 million, and said it was looking at acquisitions in the dining, hospitality and related sectors.
