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.