HOUSTON – (Realty News Report) – Houston restaurant and casino magnate Tilman Fertitta, has lost about a third of his wealth, or approximately $2 billion, in the last month due to the coronavirus outbreak, according to Bloomberg News.
Feritta, who had a net worth of more than $5 billion last month, has dropped off the rankings of the 500 wealthiest people in the world, said Bloomberg, which pegged Fertitta as a $3.2 billion-man today.
COVID-19 forced Fertitta to close his Golden Nugget casinos and temporarily furlough 40,000 employees from his restaurants, hotels and casinos across thre nation.
Fertitta was the star of the Billion Dollar Buyer reality TV show on CNBC. And he recent wrote a business advice book called “Shut Up and Listen.”
The Galveston-born businessman also amassed significant debt when he bought the NBA’s Houston Rockets for $2.2 billion in 2017. The basketball season has been cancelled because of the pandemic.
Fertitta told Bloomberg he is losing millions of dollars every day because of governmental shut-down orders issued as part of the coronavirus pandemic. His restaurants that have been operating as take-out only have been achieving only 4 or 5 percent of normal sales.
Houston-based Landry’s, Inc., wholly owned by Fertitta, owns Del Frisco’s Steakhouses, Willie G’s, McCormick & Schmick’s and casual dining brands including Landry’s Seafood, Bubba Gump Shrimp Co., Rainforest Cafe, Mitchell’s Fish Market Restaurants, and Saltgrass Steak House, along with New York BR Guest Restaurants such as Dos Caminos and Bill’s Bar & Burger.
Landry’s gaming division includes the Golden Nugget Hotel and Casino concept, with locations in Las Vegas and Laughlin, Nev.; Atlantic City, N.J.; Biloxi, Miss.; and Lake Charles, La. Landry’s entertainment division includes including the Galveston Island Historic Pleasure Pier, Kemah Boardwalk and Aquarium Restaurants.
Hospitality holdings include San Luis Resort, Spa & Conference Center on Galveston Island and the new Post Oak Hotel near Loop 610 Houston.
Fertitta is chairman of the University of Houston Board of Regents andhe attended UH’s Conrad Hilton College of Hotel and Restaurant Management.
This is not realty news and a waste of your time to report on. Why perpetuate a story on someone’s misfortune in a time when everyone is struggling from something we didn’t cause?
Another real estate story for you – HOUSTON – (Realty News Report) – Houston restaurant and casino magnate Tilman Fertitta has borrowed $250 million at a whopping 12 percent interest rate while his business struggles with the coronavirus shutdown.
Fertitta has a cash burn-rate of $2 million a day and he said he needed liquidity for the long haul, in case the coronavirus impact continues well into 2020.
On a Fox News show last week, Fertitta was asked how he is “holding up” with his sudden misfortune and multiple woes.
Referring to the 12 percent loan, which was arranged by Jefferies Financial Group, he said: “We have to have the insurance. None of us have an idea how long this is going to last,” Fertitta told Fox News’ Brian Kilmeade, guest host of the Ingraham Angle show Friday night. Fertitta also injected an additional $50 million of his personal funds into the business.
As the coronavirus outbreak struck, Fertitta, owner of the Houston Rockets, laid off 45,000 employees and shuttered his entertainment organization, which includes the five Golden Nugget casinos, 600 restaurants, and a number of hotels and entertainment venues, including the Kemah Boardwalk.
“But I’ve got 45,000 employees out there that we’ve had to furlough that is so tremendously unfortunate, that we have to get back to work as soon as we can.”
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This is not realty news and a waste of your time to report on. Why perpetuate a story on someone’s misfortune in a time when everyone is struggling from something we didn’t cause?
Another real estate story for you – HOUSTON – (Realty News Report) – Houston restaurant and casino magnate Tilman Fertitta has borrowed $250 million at a whopping 12 percent interest rate while his business struggles with the coronavirus shutdown.
Fertitta has a cash burn-rate of $2 million a day and he said he needed liquidity for the long haul, in case the coronavirus impact continues well into 2020.
On a Fox News show last week, Fertitta was asked how he is “holding up” with his sudden misfortune and multiple woes.
“I’m holding up,” Fertitta replied. “I’m holding up pretty damn good.”
Referring to the 12 percent loan, which was arranged by Jefferies Financial Group, he said: “We have to have the insurance. None of us have an idea how long this is going to last,” Fertitta told Fox News’ Brian Kilmeade, guest host of the Ingraham Angle show Friday night. Fertitta also injected an additional $50 million of his personal funds into the business.
As the coronavirus outbreak struck, Fertitta, owner of the Houston Rockets, laid off 45,000 employees and shuttered his entertainment organization, which includes the five Golden Nugget casinos, 600 restaurants, and a number of hotels and entertainment venues, including the Kemah Boardwalk.
“But I’ve got 45,000 employees out there that we’ve had to furlough that is so tremendously unfortunate, that we have to get back to work as soon as we can.”