Tilman Fertitta, the chairman, CEO, and sole owner of Landry’s, Inc., one of the nation’s largest restaurant corporations, is set to purchase the Houston Rockets from Leslie Alexander for a record $2.2 billion dollars.
In 2013, Fertitta’s net worth was estimated at $2.4 billion, putting him at number 235 on the Forbes 400 list of the wealthiest Americans.
Forbes considers Fertitta the “World’s Richest Restaurateur”. In total, Landry’s, Inc. employs more than 50,000 people and controls $3.2 billion in assets.
via Fox News:
Rockets CEO Tad Brown, who is handling the sale for Alexander, said when the team was put on the market in July he would have no comment during the process. When Brown announced the Rockets were for sale, Fertitta quickly said he had an interest in buying the team, but the owner and chairman of Landry’s, Inc., has said nothing concerning his efforts since.
One of Fertitta’s competitors to buy the Rockets was another Houston billionaire, Dan Friedkin. The owner of Gulf States Toyota said in a statement last month he had expressed an interest in exploring the purchase of the Rockets.
Several former Rockets stars have expressed some level of interest in being part of a Rockets ownership group, including Dikembe Mutombo, Hakeem Olajuwon and Elvin Hayes, all members of the Naismith Memorial Basketball Hall of Fame.
His current estimated net worth is approximately $3.2 billion.
Tilman Fertitta Net Worth 2017: $3.2 Billion
Tilman Fertitta, chairman, CEO, and sole owner of Landry’s, Inc. and the owner of the Houston Rockets, is worth approximately $3.2 billion.
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. In 1981, he helped open Willie G’s Seafood & Steaks, a more upscale restaurant in Uptown Houston. In 1986, Fertitta gained controlling interests of both locations, and in 1988, became sole owner of Landry’s Restaurants.
In 1993, Fertitta took Landry’s, Inc. public and the company grew quickly, adding concept after concept.
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.
In 2003, Fertitta bought the naming rights to the Crawford Boxes seating section of the Minute Maid Park, into “Landry’s Crawford Boxes”.
In 2004, Fertitta was elected to the Texas Business Hall of Fame, becoming the second-youngest Texan to be inducted.
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.
In 2008, Fertitta was named chairperson of the Houston Police Department’s Police Foundation, supplying gear and equipment for Houston Police Officers.
In 2009, Texas Governor Rick Perry appointed Fertitta to the Board of Regents of the University of Houston System.
In 2010, Fertitta, who already owned the majority of Landry’s, Inc. stock, purchased all outstanding shares, becoming the sole owner again. In 1993, the company was valued at approximately $30 million.
By 2011, the company’s value had skyrocketed to a value of more than $1.7 billion. As of 2013, the company, under the leadership of Fertitta, owns and operates more than 500 restaurant/entertainment/gaming/hospitality locations.
On January 12, 2016, it was announced that Fertitta would star in his own reality tv show titled Billion Dollar Buyer on CNBC.
On September 5, 2017, Fertitta purchased the Houston Rockets from Leslie Alexander for a record $2.2 billion.