Speculation at this point. Still we know he has been taking out loans and with the poor handling of COVID19 in areas where TF owns restaurants, it is a concern. Consider that there is also mounting evidence that restaurants are one of the worst social vectors for the spread of the virus.
https://www.prnewswire.com/news-releases/golden-nugget-online-gaming-to-become-public-301084840.html Tilman J. Fertitta and Landcadia Holdings II, Inc. (NASDAQ: LCA, "Landcadia II") announced today that Landcadia II has entered into a Purchase Agreement to acquire Golden Nugget Online Gaming, Inc. ("GNOG"), a US online real money casino owned by Tilman Fertitta, recognized by both its peers and customers alike as the industry leading online casino that brought Live Dealer to the US market place. Landcadia II is a publicly traded special purpose acquisition company co-sponsored by Fertitta Entertainment, Inc. and Jefferies Financial Group Inc. Tilman J. Fertitta will remain GNOG's Chairman and CEO, and Thomas Winter, who was brought in to develop Golden Nugget's online gaming business, will continue to serve as GNOG's President. During the seven years since Thomas Winter started Golden Nugget's iGaming business in New Jersey, revenues and profitability have grown each year despite facing competition with greater financial resources. According to Mr. Fertitta, "Golden Nugget is one of the most time-honored brands in the gaming business today. When customers hear the name Golden Nugget, they know they are dealing with a trusted online gaming business. Thomas and his team have done a remarkable job, are the best in the industry, and with this transaction, will have access to growth capital to allow for the rapid expansion of the business." Key Transaction Terms The transaction values the combined company at an anticipated pro forma enterprise value of approximately $745 million, or 6.1x GNOG's estimated 2021 revenue of $122 million. The consideration payable to the parent entity of GNOG will consist of a combination of cash and rollover equity in Landcadia II. Upon completion of the transaction, Tilman J. Fertitta, Chairman and CEO, will, through the parent entity of GNOG, hold a controlling economic interest (through an Up-C structure described below) and a controlling voting interest in the combined company. The combined company will have a dual-class share structure with super voting rights for Mr. Fertitta. Landcadia II will be assuming $150 million of GNOG debt of and will pay down at closing an additional $150 million of its debt, plus pay prepayment fees, transaction fees and expenses. Subject to redemptions, there is approximately $321 million currently held in Landcadia II's trust account. Upon payment of the purchase price, debt repayment and transaction fees and expenses, the combined company will have at least $80 million on its consolidated balance sheet at closing and an anticipated pro forma equity market capitalization of nearly $700 million. The transaction will be structured as an Up-C where an entity indirectly owned by Mr. Fertitta will retain common units of a partnership managed by the combined company and an equal number of non-economic voting shares in the combined company. The combined company will also enter into a customary tax receivable arrangement with such entity indirectly owned by Mr. Fertitta, which will provide for the sharing of tax benefits relating to certain pre-combination tax attributes, as well as tax attributes generated by the transaction and any subsequent sales or exchanges by the entity indirectly owned by Mr. Fertitta of their equity interests, as those attributes are realized by the combined company. The transaction has been unanimously approved by the Board of Directors of Landcadia II, upon the unanimous recommendation of a committee comprised solely of Landcadia II's disinterested independent directors (the "Committee"). The transaction will require the approval of a majority of the outstanding shares of Landcadia II, excluding shares beneficially owned by Tilman J. Fertitta and Jefferies Financial Group, and is subject to customary closing conditions, including certain regulatory approvals. Jefferies LLC is acting as exclusive financial and capital markets advisor to Landcadia II. Haynes and Boone LLP is acting as legal advisor to GNOG. White & Case LLP is acting as legal advisor to Landcadia II. Houlihan Lokey, Inc. is serving as financial advisor to the Committee of Landcadia II.
This is the start of a crippling problem for our team; with the gambling ties and hard times, point shaving and what not will soon begin to circulate. (well that is my fear)
No, I don't think he is going to sell. Hell if he wanted to he could sell only half of it, he has already received an offer in the past.
He is going to make bank with this. Smart move. He owns part of LCA it's a SPAC he set up to do exactly this. The rich get richer.
I don’t understand anything you said , but I plead ignorance idk if this is a good move . You’d think the ONLINE businesses would be the best positioned in the future . But , maybe it’s a sell high chance . Idk what he got for it
Tilman is golden. He is far from broke and could continue to descale to shed costs if need be. When you own a casino - you own a money printing machine.
I said Tillman should have sold shares of the Rockets to Beyoncé back on day one after his acquisition of the Rockets. Looking back, Music and Entertainment can survive a pandemic better than food service and casinos.
