Jump to content

Tilman Fertitta

From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by 50.252.28.105 (talk) at 18:22, 11 November 2022 (→Rockets). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Tilman Fertitta
Fertitta in 2019
Born
Tilman Joseph Fertitta

1957 (age 66–67)
Galveston, Texas, U.S.
Alma materUniversity of Houston (Drop-out)
OccupationBusinessman
Known forOwner of Landry's, Inc. and Houston Rockets, star of Billion Dollar Buyer
Spouse(s)
Paige Farwell
​
​
(m. 1991, divorced)​

Lauren Ware
Children4
RelativesLorenzo Fertitta (cousin)[1]
Frank Fertitta III (cousin)[1]
Frank Fertitta Jr. (cousin)

Tilman Joseph Fertitta (born 1957) is an American billionaire businessman and television personality. He is the chairman, CEO, and owner of Landry's, Inc.[2][3] He also owns the National Basketball Association (NBA)'s Houston Rockets.[4][5] Fertitta is chairman of the board of regents of the University of Houston System.[6]

As of September 2022, his net worth was estimated at $7.6 billion. He was placed at No. 260 on the Forbes Billionaires List.[7] Forbes calls him the "World's Richest Restaurateur".[8]

Fertitta became the star of Billion Dollar Buyer on CNBC. On September 5, 2017, Fertitta reached an agreement to buy the Houston Rockets for $2.2 billion.[9][10][11]

Early life and education

Tilman Fertitta was born in Galveston, Texas in 1957.[12] He is of Sicilian descent.[13] His father, Vic, owned a seafood restaurant on Galveston Island, and after school, Tilman would peel shrimp in his father's restaurant.[14]

Fertitta attended Texas Tech University and the University of Houston, studying business administration and hospitality management.[15] His first entrepreneurial experience involved selling and promoting Shaklee vitamins.[16]

Career

In the 1980s, Fertitta founded and ran a construction and development business, and developed his first major project, the Key Largo Hotel in Galveston.[17][18]

Landry's, Inc.

Main article: Landry's, Inc.

Fertitta was a partner in the first Landry's Restaurant, Landry's Seafood, which opened its doors in the Houston suburb of Katy, Texas, in 1980.[19] A year later, he helped open Willie G's Seafood & Steaks, a more upscale restaurant in Uptown Houston.[20]

In 1986, Fertitta gained controlling interests of both locations, and in 1988, became sole owner of Landry's Restaurants. In 1993, he took Landry's, Inc. public and the company grew quickly, adding concept after concept.[21]

In 2004, Fertitta was elected to the Texas Business Hall of Fame, becoming the second-youngest Texan to ever earn that distinction, behind only Michael Dell.[22][23]

In 2010, Fertitta, who already owned the majority of Landry's, Inc. stock, purchased all outstanding shares, becoming sole owner again. In 1993, the company was valued at approximately $30 million.[24]

By 2011, the company's value had skyrocketed to a value of more than $1.7 billion.[25] As of 2013, the company, under the leadership of Fertitta, owns and operates more than 500 restaurant/entertainment/gaming/hospitality locations. In total, Landry's, Inc. employs more than 50,000 people and controls $3.2 billion in assets.[19][26]

His portfolio includes: The Golden Nugget Hotel and Casinos; Morton's The Steakhouse; Rainforest Cafe; Bubba Gump Shrimp Co.; McCormick & Schmick's Seafood & Steaks; Saltgrass Steak House; Claim Jumper; Chart House; The Oceanaire; Mastro's Restaurants; Grotto Restaurants, The Boathouse Restaurants [27] and Vic & Anthony's Steakhouse.[28][29] In 2017 he acquired half of EMM group, owner of the Catch Restaurants.[30]

Hotels

Fertitta first built the Key Largo Hotel in Galveston, Texas to buy the rights to Landry's. After acquiring restaurants under the company, Fertitta started focusing more on the hospitality division of Landry's and acquired the San Luis Resort, Spa, & Conference Center in Galveston, Texas. He also partnered with the City of Galveston to build the conference center in 2004 inside the resort. Fertitta since acquired two additional hotels on the island, including the Holiday Inn On the Beach in 2003, and the Hilton Galveston Island Resort in 2004, which stands adjacent to his San Luis Resort. In 2015, Fertitta added the Villas at San Luis section of the hotel, which consists of ultra-luxury villas with direct access to both the beach and the hotel's pool.[31][32]In June 2022, he was recognized by the International Hospitality Institute on the Global 100 in Hospitality, on a list featuring the 100 Most Powerful People in Global Hospitality.[33]

Casinos

Golden Nugget Lake Charles in Lake Charles, Louisiana

Landry's first expanded to casinos in 2005 when it bought Golden Nugget Casinos, including locations in Las Vegas and Laughlin, Nevada.[34] Since then, Landry's has opened casinos in Atlantic City, New Jersey; Biloxi, Mississippi; and Lake Charles, Louisiana. The Golden Nugget Atlantic City was previously called the Trump Marina. Fertitta purchased this casino from Trump Entertainment Resorts in 2011.[35]

The Golden Nugget Lake Charles was bought after Fertitta found a license and resort land for sale from Pinnacle Entertainment, which owns the adjacent L'Auberge du Lac Resort. Fertitta stated he built the casino with the idea of having a casino in close proximity to his Houston hometown. After the first year proved the casino was successful, a new 300 room tower began construction on the property.[36]

Entertainment

In addition to restaurants, hotels, and casinos, Landry's also owns amusement parks, aquariums, and the Kemah Boardwalk. Landry's, Inc. first acquired the Kemah Boardwalk in 1999. After acquiring the boardwalk, Fertitta added a few Landry's restaurants, and a few rides. In 2007, he added the Boardwalk Bullet which is a high speed wooden roller coaster. He also added the Boardwalk Fanta Sea, which is a luxury yacht cruise service where guests ride along the Galveston Bay.

The marina on the boardwalk is the largest concentration of boats and yachts in Greater Houston, as well as one of the largest in the nation. The boardwalk also includes an aquarium, which is under the same Landry's line of aquarium restaurants with locations in Houston, Denver, and Nashville. Travel + Leisure magazine named the Kemah boardwalk a top 10 American boardwalk.[37][38][39]

In 2000, Landry's acquired the land on the 400 block of Bagby in Downtown Houston. The deal came from a proposal of the City of Houston to redevelop the fire station. After redeveloping the building, the aquarium added the shark tank and restaurant before opening in 2003.[citation needed]

Fertitta redeveloped the pleasure pier in Galveston, Texas, after the pier had closed after damages by Hurricane Ike. The pier reopened in 2012 as the Galveston Island Historic Pleasure Pier. The redeveloped pier includes an amusement park, Bubba Gump Shrimp Company restaurant, as well as shops.[40]

Sports

In 2003, Fertitta bought the naming rights to the Crawford Boxes at Minute Maid Park.

Texans

During the process of building the Houston Texans as an NFL team, Fertitta was one of the original investors in creating the franchise. He was a partner of Texans owner Bob McNair until 2008 when he had to sell his interest in the franchise because he owns the Golden Nugget casino chain (a Landry's subsidiary) and NFL rules state any staff member of a team cannot be associated with gambling. Both Fertitta and McNair were disappointed, as Fertitta was part of the franchise since its establishment.[41]

Astros

In 2003, Fertitta bought the naming rights to the Crawford Boxes seating section of Minute Maid Park, calling it "Landry's Crawford Boxes". The term has become a commercial moniker during radio and television broadcasts. A Landry's sign is placed above the section, along with many of the company's subsidiaries. Traditionally, when a fan catches a home run, they are awarded a gift certificate to one of Landry's restaurants. Landry's promoters often visit the section and give away items such as T-shirts.[42]

Rockets

On September 4, 2017, he agreed to purchase the Rockets from Leslie Alexander, pending league approval, for an NBA record $2.2 billion.[43] On October 6, 2017, Fertitta was approved by the NBA to own the Houston Rockets.[5] Fertitta paid for the Rockets by selling $1.415 billion worth of bonds and was competing with Houston-native singer Beyonce Knowles to purchase the team.[44] By buying the Houston Rockets he also became the owner of Clutch Gaming, a professional eSports organization focused on League of Legends.[45]

NHL

After Fertitta bought the Rockets and Toyota Center in 2017, he expressed interest in an expansion team or relocating an NHL team to Houston, with both options most likely playing at Toyota Center. In 2018, he held preliminary talks with commissioner Gary Bettman to discuss ownership of a team. While he hasn't stated much about potential ownership in recent months, it is speculated he may be working on a deal to purchase the Arizona Coyotes, though this hasn't been confirmed or denied by him.

Investments

Fertitta partnered with Richard Handler and announced a special-purpose acquisition company called Landcadia, a portmanteau of Fertitta's Landry's and Handler's Leucadia. The company plans to raise as much as $300 million in initial public offering.[46]

On May 16, 2018, Fertitta announced that Landcadia would acquire Waitr.[47]

Politics

On October 4, 2019, the Houston Rockets general manager Daryl Morey issued a tweet that supported the 2019–20 Hong Kong protests which drew criticism from Fertitta who said that while Morey was the best general manager in the NBA, the Rockets were not a political organization.[48][49][50] Morey later deleted the tweet.[49][51]

In April 2020, Governor Greg Abbott named Fertitta to the Strike Force to Open Texas – a group "tasked with finding safe and effective ways to slowly reopen the state" during the COVID-19 pandemic.[52]

Fertitta is known to support political leaders in both the Republican and Democratic parties. In particular, Fertitta has been a supporter of both Bill Clinton and the Bush family.[53][54]

Mark Kelly, a Democrat and current United States Senator from Arizona, is considered to be a very close friend of Fertitta.[55]

Media

Television

Main article: Billion Dollar Buyer

On January 12, 2016, it was announced that Fertitta would star in his own reality TV show titled Billion Dollar Buyer on CNBC.[56] Billion Dollar Buyer premiered on March 22, 2016, at 10 P.M. Eastern Time. After receiving success during the first season, a second season was announced, featuring over twice as many episodes.[57]

Books

On September 17, 2019, Fertitta released a book, Shut Up and Listen! Hard Business Truths That Will Help You Succeed, in which he details his journey to success and offers advice to other entrepreneurs on their business ventures. Each chapter contains "Tilmanism's" which focus on 6 important rules for any entrepreneur to follow: "(1) Be the Bull, (2) No Spare Customers, (3) Change, change, change, (4) Know Your Numbers, (5) Follow the 95/5 Rule, and (6) Take No Out of Your Vocabulary" [58][59]

Personal life

In 1991 Fertitta married Paige Farwell with whom he has four children,[60] a daughter and three sons.[61] Fertitta is now married to a Houston attorney, Lauren Ware.[62]

He is third-cousin to former UFC owners Lorenzo and Frank Fertitta.[1] An avid sports fan, Fertitta is a vocal supporter of the University of Houston Cougars and can be seen at most Cougar football and basketball games as well as court side for Houston Rockets basketball games. In 2016, Fertitta donated $20 million to rebuild the University of Houston's basketball home of Hofheinz Pavilion, since renamed Fertitta Center, along with donations for the construction of TDECU Stadium.[citation needed]

Fertitta is a close friend of retired NASA astronaut Arizona senator Mark Kelly, and former Arizona congresswoman Gabby Giffords.[63]

Fertitta is chairman of the board of the Houston Children's Charity.[64] In 2009, Texas Governor Rick Perry appointed Fertitta to the board of regents of the University of Houston System.[65] In 2008, Fertitta was named chairperson of the Houston Police Department's Police Foundation, supplying gear and equipment for Houston Police Officers.[66][67][68][69] He is on the executive committee for the Houston Livestock Show and Rodeo.[70][71] He is a board member of the Texas Heart Institute, the Museum of Fine Arts, Houston, and the Greater Houston Partnership.[72][73]

In May 2022, The University of Houston College of Medicine received a $50 million pledge from Fertitta, the school was renamed the Tilman J. Fertitta Family College of Medicine.[74]

References

  1. ^ a b c Schulz, Bailey (September 26, 2019). "Tilman Fertitta talks about desire to own Las Vegas Strip property". Las Vegas Review-Journal. Retrieved July 11, 2021.
  2. ^ "Welcome to Forbes". Forbes.com. Retrieved January 4, 2015.
  3. ^ Valiant Media. "Landry's Inc. - The Leader in Dining, Hospitality and Entertainment". LandrysInc.com. Retrieved January 4, 2015.
  4. ^ "TILMAN J. FERTITTA NEW OWNER OF THE HOUSTON ROCKETS". NBA Media Ventures, LLC. October 6, 2017. Retrieved March 22, 2018.
  5. ^ a b "It's official: Tilman Fertitta owns the Rockets". chron.com. October 6, 2017. Retrieved October 6, 2017.
  6. ^ "University of Houston System". uhsa.UH.edu. Retrieved January 4, 2015.
  7. ^ "Forbes profile: Tilman Fertitta". Forbes. Retrieved September 28, 2022.
  8. ^ "The World's Richest Restaurateur Has A Secret: It's Not About The Food - Forbes". Forbes.com. August 23, 2012. Retrieved January 4, 2015.
  9. ^ "Tilman J. Fertitta to Acquire NBA Houston Rockets". NBA Media Ventures, LLC. September 5, 2017. Retrieved March 22, 2018.
  10. ^ "Report: Billionaire Tilman Fertitta set to buy Houston Rockets". Houston Chronicle. Retrieved September 5, 2017.
  11. ^ "Source: Fertitta buys Rockets for record $2.2B". ESPN.com. Retrieved September 5, 2017.
  12. ^ Ledoux, Abby (September 9, 2019). "Tilman Fertitta Shares His Playbook". Houstonia. Retrieved June 24, 2021.
  13. ^ "Tilman Fertitta - Biography". 4-traders.com. Retrieved January 4, 2015.
  14. ^ "Big Fish | Texas Monthly". texasmonthly.com. Retrieved January 4, 2015.
  15. ^ "New UH System Board of Regents". houstonarchitecture.com. Retrieved January 4, 2015.
  16. ^ L.A. Lorek (May 2, 2004). "Landry CEO aims to build in Texas". Chicago Tribune.
  17. ^ Robb Walsh (October 23, 2006). "Fertitta's Dynasty of Dining". houstonpress.com. Retrieved January 4, 2015.
  18. ^ Cartwright, G. (1998). Galveston: A History of the Island. TCU Press. p. 326. ISBN 9780875651903. Retrieved January 4, 2015.
  19. ^ a b Valiant Media. "Landry's Inc. - The Leader in Dining, Hospitality and Entertainment". landrysinc.com. Retrieved January 4, 2015.
  20. ^ "Fertitta keeps strategy as he takes Landry's private - Houston Chronicle". chron.com. Retrieved January 4, 2015.
  21. ^ "History of Landry's Restaurants, Inc. – FundingUniverse". fundinguniverse.com. Retrieved January 4, 2015.
  22. ^ "Fertitta headed to Texas Business Hall of Fame - Houston Business Journal". bizjournals.com. Retrieved January 4, 2015.
  23. ^ "University of Houston News: New UH System Board of Regents Officers, Student Regent Set for FY2013". uh.edu. Retrieved January 4, 2015.
  24. ^ "CEO Taking Landry's Private". upstart.bizjournals.com. Retrieved January 4, 2015.
  25. ^ "Tilman Fertitta - Forbes". forbes.com. Retrieved January 4, 2015.
  26. ^ "Tilman J. Fertitta: Executive Profile & Biography". investing.businessweek.com. Retrieved January 4, 2015.
  27. ^ "Landry's Inc. - The Leader in Dining, Hospitality and Entertainment". Landrysinc.com. Retrieved May 23, 2017.
  28. ^ Valiant Media. "Landry's Inc. - The Leader in Dining, Hospitality and Entertainment". landrysinc.com. Retrieved January 4, 2015.
  29. ^ "Morton's steakhouse chain sold to Landry's owner". bizjournals.com. Retrieved January 4, 2015.
  30. ^ McCart, Melissa (June 13, 2017). "Catch Kingpin Mark Birnbaum Sells Half His Company to Landry's Owner Tilman Feritta". Eater NY.
  31. ^ Beachfront Hotel & Spa - Galveston Hotel - Texas Beach Resort, SanLuisResort.com; accessed May 23, 2017.
  32. ^ History of Landry's Restaurants, Inc., FundingUniverse; accessed May 23, 2017.
  33. ^ Mix, Pulse (August 1, 2022). "Dr Jeffrey Obomeghie and Dupe Olusola among the 100 most powerful people in global hospitality". Pulse Nigeria. Retrieved August 3, 2022.
  34. ^ Gardiner, L. S. (2018). Tales from an Uncertain World: What Other Assorted Disasters Can Teach Us About Climate Change. University of Iowa Press. ISBN 978-1-60938-553-8.
  35. ^ "Tilman Fertitta assumes ownership of Trump Casino in Atlantic City". May 24, 2011.
  36. ^ "The Power List 2018: Tilman Fertitta". January 24, 2018.
  37. ^ Travel + Leisure America's Best Beach boardwalks, travelandleisure.com; accessed May 23, 2017.
  38. ^ Patricia Hochwarth (September 1, 2004). "Shipshape at Landry's". Restaurant-hospitality.com. Retrieved May 8, 2017.
  39. ^ Emily Clark (September 10, 2007). "New Boardwalk Bullet roller coaster opens in Texas". Gizmag.com. Retrieved May 8, 2017.
  40. ^ Galveston Island Historic Pleasure Pier (May 23, 2012). "HUGE ANNOUNCEMENT..." Facebook. Retrieved May 24, 2012.
  41. ^ "Golden Nugget owner sells interests in Texans". NFL.com. Retrieved July 27, 2016.
  42. ^ "Seafood chain turns up the juice for naming rights to ballpark seats". BizJournal.com. April 14, 2003. Retrieved July 29, 2016.
  43. ^ "Source: Fertitta buys Rockets for record $2.2B". ESPN.com. September 5, 2017. Retrieved September 5, 2017.
  44. ^ Ozanian, Mike. "Here's How Tilman Fertitta Is Paying For The Houston Rockets". Forbes. Retrieved January 24, 2018.
  45. ^ "Clutch Gaming: Travis interviews Sebastian Park". Travis Gafford. March 24, 2018. Retrieved March 28, 2018.
  46. ^ "Landry's and Jefferies CEOs to launch acquisition company". businessinsider.com. Retrieved April 27, 2016.
  47. ^ Barinka, Alex. "Houston Rockets Owner's Blank-Check Company Buys Waitr". bloomberg.com. Bloomberg. Retrieved May 16, 2018.
  48. ^ "Rockets GM Daryl Morey tweets support for Hong Kong protests, prompting response from owner". sports.yahoo.com. October 5, 2019.
  49. ^ a b Polacek, Scott (October 5, 2019). "China Basketball Suspends Work with Rockets After Daryl Morey's Hong Kong Tweet". Bleacher Report.
  50. ^ Feigen, Jonathan; Chronicle, Houston (October 5, 2019). "Rockets owner Tilman Fertitta shuts down GM Daryl Morey's Hong Kong tweet". Houston Chronicle.
  51. ^ "Rockets GM Daryl Morey in hot water after Hong Kong tweet". USA Today. MSN. October 5, 2019.
  52. ^ "These are the experts, leaders working with Gov. Abbott's strike force to reopen Texas". khou.com. Retrieved April 21, 2020.
  53. ^ Berke, Richard L. (October 3, 1997). "Debate Aside, Fund-Raising Doesn't Stop" – via NYTimes.com.
  54. ^ "Prominent Houstonians share memories of Former President George H. W. Bush". www.chron.com. December 1, 2018.
  55. ^ "Restaurant tycoon Fertitta goes the extra mile for friends". www.chron.com. July 26, 2011.
  56. ^ "Houston billionaire Tilman Fertitta will star on primetime show". Houston Chronicle. Retrieved January 16, 2016.
  57. ^ "Season Two of CNBC's 'Billion Dollar Buyer' Premieres Tuesday, November 22 AT 10P ET". CNBC. October 31, 2016.
  58. ^ "'Tilmanisms,' Tilman Fertitta's words of wisdom, debut in new book 'Shut Up and Listen'". msn.com. Retrieved September 24, 2019.
  59. ^ Fertitta, Tilman (2019). Shut Up and Listen!: Hard Business Truths that Will Help You Succeed. ISBN 978-1400213733.
  60. ^ Hardy, Michael (November 22, 2017). "Tilman Fertitta, the Two-Billion-Dollar Buyer". Texas Monthly.
  61. ^ Schreffler, Laura (September 17, 2019). "Tilman Fertitta On What It Takes To Build An Award-Winning Five-Diamond Hotel & How To Become A Billionaire". Haute Living.
  62. ^ "Tilman Fertitta, Innovative Visionary". tilmanferttita.com.
  63. ^ "Restaurant tycoon Fertitta goes extra mile for friends". Chron. July 26, 2011. Retrieved July 16, 2019.
  64. ^ "Fertittas host Gathering of Champions - Houston Chronicle". chron.com. Retrieved January 4, 2015.
  65. ^ "New UH System Regents appointed by Gov. Perry". uhclthesignal.com. Retrieved January 4, 2015.
  66. ^ "Houston Police Officers' Union – Badge and Gun". hpou.org. Retrieved January 4, 2015.
  67. ^ "Houston Police Officers' Union website". hpou.org. Retrieved January 4, 2015.
  68. ^ "Tilman Fertitta, the entrepreneur and Police Foundation Chairman". thepolicenews.net. Retrieved January 4, 2015.
  69. ^ "Houston Police Officers' Union | Tilman Fertitta Opens Back Yard to HPD and the Foundation". hpou.org. Retrieved January 4, 2015.
  70. ^ "Committees". rodeohouston.com. Retrieved January 4, 2015.
  71. ^ "New Officials Elected for 2014 Houston Livestock Show and Rodeo". rodeohouston.com. Retrieved January 4, 2015.
  72. ^ "Fertitta, Tilman J." houstonpolicefoundation.org. Retrieved January 4, 2015.
  73. ^ "Tilman J. Fertitta, Chairman of the Board - Houston Children's Charity". houstonchildrenscharity.org. Retrieved January 4, 2015.
  74. ^ "Businessman pledges $50M to U of Houston medical school". Beckers Hospital Review. May 19, 2022. Retrieved May 20, 2022.{{cite web}}: CS1 maint: url-status (link)
Retrieved from "https://en.wikipedia.org/w/index.php?title=Tilman_Fertitta&oldid=1121329793"