A merger between Fertitta Entertainment, the parent company of Golden Nugget/Landry’s, and FAST Acquisition Corp., a special purpose acquisition company, will result in Fertitta become a publicly listed company.
Houston, Texas, U.S.A.-based Golden Nugget/ Landry’s operates several upscale steak and seafood restaurant chains including Del Frisco's, Landry's Seafood House, Bubba Gump Shrimp Co., Morton's The Steakhouse, The Oceanaire Seafood Room, McCormick & Schmick's Seafood, and Joe's Crab Shack.
In addition to its more than 500 upscale and specialty restaurant locations, Golden Nugget/Landry’s also operates five Golden Nugget-branded casinos in the U.S.
The transaction implies an enterprise valuation for Golden Nugget/Landry's of approximately USD 6.6 billion (EUR 5.5 billion), Fertitta said in a press release. Estimated cash proceeds from the transaction are expected to consist of FAST's USD 200 million (EUR 166 million) of cash in trust.
"The hospitality industry is experiencing the greatest disruption of our lifetimes and [Golden Nugget/Landry's have] remained the premiere gaming and restaurant operators in the country," FAST Co-Owner Doug Jacob said. "We believe this diverse portfolio made up of full-service dining and entertainment concepts combined with pent-up consumer demand, will find continued success as a public company."
Fertitta Owner Tilman Fertitta will continue to lead the Golden Nugget/Landry's organization, serving as chairman, president, and CEO. He said the timing is right for the company to go public.
"I look forward to returning my company to the public marketplace. After taking the company private in 2010, we accomplished a lot,” Fertitta said. “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.”
The existing Golden Nugget/Landry's management team will continue to lead the company, according to Fertitta Entertainment.
Eugene Remm, chief brand officer for FAST and a partner with Tilman in Catch Restaurant Group, will serve on the company's board.
