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Billionaire Fertitta expands SPAC deal to add restaurants, hospitality group

July 30, 2021 at 11:23 pm EDT

(Reuters) - Fertitta Entertainment Inc, owned by billionaire Tilman Fertitta, said on Wednesday it has expanded its agreement to go public with blank-check company FAST Acquisition Corp to include a few hospitality and restaurant entities.

Steakhouse chain Vic and Anthony's, restaurant chains Catch and Mastro's, hospitality group Pleasure Pier, and a handful of smaller restaurant concepts will be added to the merger deal, the company said.

"According to the amendment, the company has agreed to contribute certain operating businesses not originally included as part of the business combination with FAST for no additional debt," the company said in a statement.

The expanded deal implies an enterprise value of $8.6 billion for restaurant and gaming company Golden Nugget and restaurant-chain operator Landry's, its parent Fertitta Entertainment said. The agreement announced in February had valued the combined entity at $6.6 billion.

Fertitta, who also owns basketball team Houston Rockets, will be the chairman, president and chief executive officer of the merged entity. He will own about 72% stake.

The company also said it expects pro forma net revenue for the quarter ended June 30 to be between $917 million and $920 million, and pro forma adjusted EBITDA estimated between $270 million and $275 million.

(Reporting by Aakriti Bhalla in Bengaluru; editing by Uttaresh.V)

Tilman Fertitta

Founder of Landry's, Inc., Golden Nugget, Inc. and Fertitta Morton's Restaurants, Inc., Tilman Joseph Fertitta is an entrepreneur and businessperson who has been the head of 19 different companies and presently occupies the position of Co-Chairman & Chief Executive Officer at Landcadia Holdings III, Inc., Chairman & Chief Executive Officer of Golden Nugget Online Gaming, Inc., Co-Chairman & Chief Executive Officer at Landcadia Holdings IV, Inc., President & Director at Fertitta Hospitality LLC, President & Director at Fertitta Entertainment, Inc., Chairman, President & Chief Executive Officer at Landry's, Inc., Chairman, President & Chief Executive Officer of Golden Nugget, Inc., Chairman & Chief Executive Officer at Golden Nugget Las Vegas, Chief Executive Officer for The Oceanaire, Inc., President, Chief Executive Officer & Director at Landry's Holdings II, Inc. and President & Director at Rainforest Cafe, Inc. (which are all subsidiaries of Fertitta Entertainment, Inc.) and Chairman at University of Houston System Board of Regents. Tilman Joseph Fertitta is also Chairman at Houston Police Foundation and Chairman of Houston Childrens Charity and on the board of 10 other companies. In the past he occupied the position of Chairman & Chief Executive Officer for Fertitta Entertainment LLC, Co-Chairman & Chief Executive Officer at Landcadia Holdings, Inc., Co-Chairman & Chief Executive Officer at Landcadia Holdings II, Inc., Chairman & Chief Executive Officer at Golden Nugget Online Gaming, Inc. and President & Director at Landry's Holdings, Inc.

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Landry's LLC Landry's LLC RestaurantsConsumer Services Part of Fertitta Entertainment, Inc., Landry's LLC is a private company that operates restaurants, hotels, amusement parks, and casinos. The company is based in Houston, TX. The company was founded in 1980 by Tilman Joseph Fertitta, who has been the CEO since 1980. Landry's was acquired by Landry's Restaurants, Inc. on October 06, 2010 for $178.62 million.	Chief Executive Officer
Center Cut Hospitality, Inc. Center Cut Hospitality, Inc. RestaurantsConsumer Services Center Cut Hospitality, Inc. owns and operates steak house restaurants. The company was founded in 1991 and is headquartered in Southlake, TX.	President

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