Fertitta Entertainment, parent company of Golden Nugget/Landry’s, and FAST Acquisition amended their merger agreement by which Fertitta will contribute certain operating businesses not originally included as part of the business combination with FAST for no additional debt. The businesses include the Mastro’s brand, the Aquariums, the Pleasure Pier, Vic and Anthony’s, and a handful of smaller restaurant concepts, adding a total of 42 business assets.
Also, the company will enter into a transaction to acquire the Catch restaurants, including Catch Steak, which is already 50% owned indirectly by Tilman Fertitta. In connection with the amendment, Fertitta, the company’s owner, will receive additional equity in the NYSE public company, which will increase his total equity stake post-closing to approximately 72%.
Announced in February, the transaction implies an enterprise valuation for Golden Nugget/Landry’s of approximately $6.6 billion, or 9.25x projected 2022 pro forma Adjusted EBITDA of $648 million, including the value of the GNOG equity to be contributed to the company.
Fertitta will continue to lead the Golden Nugget/Landry’s empire and serve as the chairman, president and CEO. Read more.
