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ilman Fertitta is considering taking a substantial part of his casino and restaurant empire public, according to Bloomberg.
The discussions are preliminary and Fertitta hasn’t made a final decision, the news outlet said, citing sources who asked not to be named. An initial public offering could include a substantial number of the casinos and restaurants that are under the Golden Nugget and Landry’s umbrellas, giving the company a valuation of several billion dollars. Fertitta would retain control through a stake of well over 50%. Other assets Fertitta owns through his main holding company, Fertitta Entertainment, would not be part of the deal, such as the NBA’s Houston Rockets. He has a net worth of around $6.4 billion, per the Bloomberg Billionaires Index.
Fertitta has relied on debt to fuel the growth of his companies, which include Golden Nugget casinos and restaurant chains such as Bubba Gump Shrimp and Del Frisco’s. He furloughed tens of thousands of employees to reduce costs and borrowed hundreds of millions of dollars at double-digit rates to navigate the pandemic. The massive cuts allowed his casinos and restaurants to absorb the impact of the pandemic better than expected, according to Bloomberg.
In June, Fertitta disclosed plans to bring Golden Nugget’s online gaming unit public through a merger with a blank-check company it created last year with Jefferies Financial Group Inc. The deal, which valued the business at $745 million, is awaiting shareholder approval.
Original article: https://www.yogonet.com/international//noticias/2020/12/03/55662-tilman-fertitta-reportedly-in-talks-to-take-part-of-golden-nugget-public
