FAST's capital along with the equity investment from institutional shareholders will strengthen our balance sheet and allow us to pursue our acquisition strategy."įertitta added, "After I compared the opportunities provided by a transaction with FAST, versus the traditional IPO route, it became abundantly clear that we could access the capital markets with more certainty and speed if we did a deal with FAST. FAST provided us with the perfect merger vehicle to allow us to take control of an already existing public company. We first began to explore going public in 2019, as we saw tremendous M & A deals hitting the market. However, the pandemic set these efforts back. However, in today's opportunistic world, I determined that in order to maximize the opportunities in the gaming, entertainment and hospitality sectors, it was preferable to take my Company public.
After taking the Company private in 2010, we accomplished a lot. (Nasdaq: GNOG) ("GNOG").Īccording to Tilman Fertitta, "I look forward to returning my Company to the public marketplace. In addition, the transaction will include voting control and ownership by the Company of approximately 31 million shares or nearly half of all outstanding shares in Golden Nugget Online Gaming, Inc. Fertitta will also be the Company's largest shareholder with an approximately 60% interest in the Company and stock valued upon the closing of the transaction in excess of $2 billion dollars. No other changes to management are anticipated as the existing Golden Nugget/Landry's management team will continue to lead the Company. Tilman Fertitta, sole owner of Fertitta, will continue to lead the Golden Nugget/Landry's empire and serve as the Chairman, President and CEO of the Company. Mr. (NYSE: FST) ("FAST"), a special purpose acquisition company, co-headed by Doug Jacob and Sandy Beall, announced today that they have entered into a definitive merger agreement (the "Merger Agreement") that will result in Fertitta Entertainment becoming a publicly listed company (the "Business Combination"). 1, 2021 /PRNewswire/ - Fertitta Entertainment, Inc., the parent company of Golden Nugget/Landry's ("Fertitta" or the "Company"), a leader in the gaming, restaurant, hospitality and entertainment industry, and FAST Acquisition Corp. to Merge Tilman Fertitta to Lead Company and Remain Largest and Controlling Shareholder Transaction Values Golden Nugget/Landry's at Enterprise Value of Approximately $6.6 Billion Institutional Investors Commit to Invest Approximately $1.2 Billion at Closing Pre-Recorded Investor Call Scheduled for Today at 9:00 AM Eastern Golden Nugget/Landry's and FAST Acquisition Corp.
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