Tilman Fertitta

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Tilman J. Fertitta
Tilman-Fertitta-Net-Worth.jpg
Born June 25, 1957 (1957-06-25) (age 60)
Galveston, Texas, U.S.
Residence Houston, Texas, U.S.
Nationality American
Occupation Businessman
Net worth IncreaseUS$2.8 billion (January 2017)[1]
Spouse(s) Paige Fertitta
Children 4

Tilman Joseph Fertitta (born June 25, 1957) is an American businessman and television personality. He is the chairman, CEO, and sole owner of Landry's, Inc., one of the nation’s largest restaurant corporations.[2][3]

In 2013, his net worth was estimated at $2.4 billion, placing him at No. 235 on the Forbes 400 list of the wealthiest Americans;[4] Forbes calls him the “World’s Richest Restaurateur”.[5]

Fertitta is also chairman of the Board of Regents of the University of Houston System.[6] Fertitta became the star of Billion Dollar Buyer on CNBC.

Early life[edit]

Fertitta was born and raised in Galveston, Texas, several generations after his family had emigrated to Texas from Sicily.[7] His father, Vic. owned a seafood restaurant on Galveston Island, and after school, Tilman would peel shrimp in his father’s restaurant.[8] Fertitta attended Texas Tech University and the University of Houston, studying business administration and hospitality management.[9] His first entrepreneurial experience involved selling and promoting Shaklee vitamins.[10]

In the 1980s, Fertitta founded and ran a construction and development business, and developed his first major project, the Key Largo Hotel in Galveston.[11][12]

Business ventures[edit]

Landry's, Inc.[edit]

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.[13] A year later, he helped open Willie G's Seafood & Steaks, a more upscale restaurant in Uptown Houston.[14]

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.[15]

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.[16]

By 2011, the company's value had skyrocketed to a value of more than $1.7 billion.[17] 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.[13][18]

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 [19]and Vic & Anthony's Steakhouse.[20][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]

Hotels[edit]

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.[24][25]

Casinos[edit]

Landry's first expanded to casinos in 2005 when it bought Golden Nugget Casinos, including locations in Las Vegas and Laughlin, Nevada. 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 The Trump Organization after the casino went bankrupt. 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.

Entertainment[edit]

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.[26][27][28]

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. [29]

Sports[edit]

In 2003, Fertitta bought the naming rights to the Crawford Boxes

During the process of building the Houston Texans as an NFL team, Fertitta was one of the original investors in creating the franchise. He then lasted as a partner for the Texans owner Bob McNair until 2008. Fertitta then had to sell his interest in the franchise, as he owns Golden Nugget casinos as part of Landry's subsidiary. NFL rules state any staff member of a team can't be associated with gambling. Both Fertitta and McNair were disappointed, as Fertitta was part of the franchise since the beginning, yet the team needed to comply with NFL rules.[30]

In 2003, Fertitta bought the naming rights to the Crawford Boxes seating section of the Minute Maid Park, into "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 certificates to one of Landry's restaurants. Landry's promoters often visit the section and give away items such as t-shirts.[31]

Fertitta also served as the Houston Rockets director for a period of time, during which the team were back-to-back NBA champions.[32]

Investments[edit]

Fertitta partnered with Richard Handler and announced a special-purpose acquisition company. The company would be called Landcadia, a word mix between Fertitta's Landry's and Handler's Leucadia. The company plans to raise as much as $300 million in initial public offering.[33]

Private hangar[edit]

Landry's Hangar - Hobby Airport, Houston

Fertitta owns a private hangar situated inside Houston's Hobby Airport. The Landry's, Inc. logo can be seen displayed across the top. Fertitta uses the hangar as his business jet launch. Additionally, Fertitta has hosted private parties right inside the hangar, both for business as well as public community parties, including a party dedicated to the Houston Police Department. [34]

Television[edit]

On January 12, 2016, it was announced that Fertitta would star in his own reality tv show titled Billion Dollar Buyer on CNBC.[35] 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.[citation needed]

Fundraising and Public Service[edit]

Fertitta devotes a significant amount of his time to community service and support of charitable organizations around Houston. Throughout the year, Fertitta and his wife Paige host a wide variety of fundraising events and galas at their home.[36][37]

Fertitta is Chairman of the Board of the Houston Children's Charity, which hosts an annual special fundraiser for the organization, called “A Gathering of Champions”. The event is attended by well-known professional athletes from around Houston and across the nation.[38] Guests attend in casual attire.[38]

Fertitta was one of the original investors in Houston NFL team, the Houston Texans. In 2009, Texas Governor Rick Perry appointed Fertitta to the Board of Regents of the University of Houston System.[39]

In 2008, Fertitta was named chairperson of the Houston Police Department’s Police Foundation, supplying gear and equipment for Houston Police Officers.[40][41] He serves on the Executive Committee for the Houston Livestock Show and Rodeo.[42][43] Additionally, Fertitta is a board member for the following Houston-based organizations: Texas Heart Institute, the Museum of Fine Arts, Houston, and the Greater Houston Partnership.[44][45]

Personal life[edit]

Fertitta and his wife Paige live in the River Oaks neighborhood of Houston with their four children (Michael, Patrick, Blayne, Blake).[46] He is the third cousin of former UFC owners Lorenzo and Frank Fertitta.

Awards[edit]

  • Two-time NBA Champion (1994-1995) as Advisory Director of the Houston Rockets
  • Texas Business Hall of Fame (Class of 2004)

References[edit]

  1. ^ Forbes: "The World's Billionaires - Tilman Fertitta", forbes.con, September 2013.
  2. ^ "Welcome to Forbes". forbes.com. Retrieved 2015-01-04. 
  3. ^ Valiant Media. "Landry's Inc. - The Leader in Dining, Hospitality and Entertainment". landrysinc.com. Retrieved 2015-01-04. 
  4. ^ "Gallery : #261 Forbes 400 Tilman Fertitta - Forbes.com". forbes.com. Retrieved 2015-01-04. 
  5. ^ "The World's Richest Restaurateur Has A Secret: It's Not About The Food - Forbes". forbes.com. Retrieved 2015-01-04. 
  6. ^ "University of Houston System". uhsa.uh.edu. Retrieved 2015-01-04. 
  7. ^ "Tilman Fertitta - Biography". 4-traders.com. Retrieved 2015-01-04. 
  8. ^ "Big Fish | Texas Monthly". texasmonthly.com. Retrieved 2015-01-04. 
  9. ^ "New UH System Board of Regents". houstonarchitecture.com. Retrieved 2015-01-04. 
  10. ^ L.A. Lorek (May 2, 2004). "Landry CEO aims to build in Texas". Chicago Tribune. 
  11. ^ Robb Walsh (2006-10-23). "Fertitta's Dynasty of Dining". houstonpress.com. Retrieved 2015-01-04. 
  12. ^ Cartwright, G. (1998). Galveston: A History of the Island. TCU Press. p. 326. ISBN 9780875651903. Retrieved 2015-01-04. 
  13. ^ a b Valiant Media. "Landry's Inc. - The Leader in Dining, Hospitality and Entertainment". landrysinc.com. Retrieved 2015-01-04. 
  14. ^ "Fertitta keeps strategy as he takes Landry's private - Houston Chronicle". chron.com. Retrieved 2015-01-04. 
  15. ^ "History of Landry's Restaurants, Inc. – FundingUniverse". fundinguniverse.com. Retrieved 2015-01-04. 
  16. ^ "CEO Taking Landry's Private". upstart.bizjournals.com. Retrieved 2015-01-04. 
  17. ^ "Tilman Fertitta - Forbes". forbes.com. Retrieved 2015-01-04. 
  18. ^ "Tilman J. Fertitta: Executive Profile & Biography". investing.businessweek.com. Retrieved 2015-01-04. 
  19. ^ "Landry's Inc. - The Leader in Dining, Hospitality and Entertainment". Landrysinc.com. Retrieved 23 May 2017. 
  20. ^ Valiant Media. "Landry's Inc. - The Leader in Dining, Hospitality and Entertainment". landrysinc.com. Retrieved 2015-01-04. 
  21. ^ "Morton's steakhouse chain sold to Landry's owner". bizjournals.com. Retrieved 2015-01-04. 
  22. ^ "Fertitta headed to Texas Business Hall of Fame - Houston Business Journal". bizjournals.com. Retrieved 2015-01-04. 
  23. ^ "University of Houston News: New UH System Board of Regents Officers, Student Regent Set for FY2013". uh.edu. Retrieved 2015-01-04. 
  24. ^ Beachfront Hotel & Spa - Galveston Hotel - Texas Beach Resort, SanLuisResort.com; accessed May 23, 2017.
  25. ^ History of Landry's Restaurants, Inc., FundingUniverse; accessed May 23, 2017.
  26. ^ Travel + Leisure America's Best Beach boardwalks, travelandleisure.com; accessed May 23, 2017.
  27. ^ Patricia Hochwarth (2004-09-01). "Shipshape at Landry's". Restaurant-hospitality.com. Retrieved 2017-05-08. 
  28. ^ Emily Clark (2007-09-10). "New Boardwalk Bullet roller coaster opens in Texas". Gizmag.com. Retrieved 2017-05-08. 
  29. ^ Galveston Island Historic Pleasure Pier (May 23, 2012). "HUGE ANNOUNCEMENT...". Facebook. Retrieved May 24, 2012. 
  30. ^ "Golden Nugget owner sells interests in Texans". nfl.com. Retrieved 2016-07-27. 
  31. ^ "Seafood chain turns up the juice for naming rights to ballpark seats". bizjournal.com. Retrieved 2016-07-29. 
  32. ^ "Rockets Business Team" (PDF). National Basketball Association. Retrieved May 23, 2017. 
  33. ^ "Landry's and Jefferies CEOs to launch acquisition company". businessinsider.com. Retrieved 2016-04-27. 
  34. ^ "Coolest party venue ever". houston.culturemap.com. Retrieved 2016-07-27. 
  35. ^ "Houston billionaire Tilman Fertitta will star on primetime show". Houston Chronicle. Retrieved 2016-01-16. 
  36. ^ "Tilman Fertitta, the entrepreneur and Police Foundation Chairman". thepolicenews.net. Retrieved 2015-01-04. 
  37. ^ "Houston Police Officers' Union | Tilman Fertitta Opens Back Yard to HPD and the Foundation". hpou.org. Retrieved 2015-01-04. 
  38. ^ a b "Fertittas host Gathering of Champions - Houston Chronicle". chron.com. Retrieved 2015-01-04. 
  39. ^ "New UH System Regents appointed by Gov. Perry". uhclthesignal.com. Retrieved 2015-01-04. 
  40. ^ "Houston Police Officers' Union – Badge and Gun". hpou.org. Retrieved 2015-01-04. 
  41. ^ "Houston Police Officers' Union website". hpou.org. Retrieved 2015-01-04. 
  42. ^ "Committees". rodeohouston.com. Retrieved 2015-01-04. 
  43. ^ "New Officials Elected for 2014 Houston Livestock Show and Rodeo™ - Houston Livestock Show and Rodeo". rodeohouston.com. Retrieved 2015-01-04. 
  44. ^ "Fertitta, Tilman J.". houstonpolicefoundation.org. Retrieved 2015-01-04. 
  45. ^ "Tilman J. Fertitta, Chairman of the Board - Houston Children's Charity". houstonchildrenscharity.org. Retrieved 2015-01-04. 
  46. ^ "Paige and Tilman Fertitta open up their River Oaks mansion for Sant... - CultureMap Houston". houston.culturemap.com. Retrieved 2015-01-04. 

External links[edit]