[ruh-oh] Restaurateur Tilman Fertitta Desperately Seeks Cash Infusion For His Hospitality Empire

Tin-man
Til-man

All the while, we thought he picked his name from the Wizard of Oz. Now we know where it came from.

 

Mattloom might be on to something, they both don't have a HEART!

 

Absolutely. America has always run on credit. People buy things they cannot even afford. And when Trump forces FEDs to cut rates is basically cheap money floating around and businesses take an unsustainable risk. Even knowing this fact won't change American's spending habits and will continue the life of a low rate of savings from their disposable income. American producers just know too well how consumers spend and will do everything in their power to make them spend on things they frankly do not even need.

 

His casinos, restaurants and hotels across the country are closed. His Houston Rockets are on ice. Yet, Tilman Fertitta and his family are stepping up to the plate on behalf of Landry’s Inc. employees, who are out of work due to the pandemic-imposed closures.

The Fertitta family has created The Fertitta Entertainment/Employee Relief Fund and launched it with $1 million in seed money. All Landry’s employees impacted by the COVID-19 crisis can apply for assistance. Those wishing to contribute to the fund can do so here.

“Our employees are our most important resource,” Tilman Fertitta said in a statement. “COVID-19 has taken a particularly harsh toll on all aspects of the hospitality industry where we are heavily invested. It is our hope this fund will provide some much-needed relief for our valued employees.”

This is the second helpful step taken by the Fertitta family, which early on in the shutdown opened the former Willie G’s on Post Oak Boulevard to serve a free meal daily to employees and their families. Of the 10,000 employees in Houston and Galveston, between 1,500 and 2,000 are fed each day from the larder that includes shrimp or chicken, pasta, salad, hamburgers, fries and more. By mid-April, the team had provided more than 34,000 meals.

“It’s just unimaginable,” Fertitta said on Fox News’ The Ingraham Angle on Saturday. “We’ve all had to do little layoffs over the year. But you have to basically shut down the whole company. When you think of having amusement parks, aquariums, a basketball team, casinos all over the world — and nothing is open.

“It’s just like a sci-fi movie you’d never believe.”

 

We have been doing this for decades. Im not sure why you're just now having a problem with it.

 

Did I say I have a problem with it only now or have any problem at all in general? How do you even assume this? Besides I am just discussing it with TilmanFinancialWindfall.

 

I dont disagree with you at all. Im just not sure what Trump has to do with this.

 

Employee relief fund? Just pay them.

DD

 

My company paid April medical insurance for all employees.

It would cost at least 20 million dollars if Landry paid it. According to Landry employees, Tilman did not pay for them.

 

Fed rate cuts, that Trump kept criticizing for not being enough, create cheap money where businessmen like Tillman end up borrowing more than they can chew during financial distress. Consumers also do that in general, buy expensive cars and big homes without even having enough net worth to back it up during economic distress. And it is not just Trump, many before him followed similar tradition.

 

How do you pay for employees when there is no revenue coming in? His businesses are essentially being furloughed by the government, in turn he furloughed the employees. As someone who understands business I have no problem with this decision.

What we should have a problem with is his stupidity to bring up how he did everyone a favor by furloughing them first so they can get ahead of the lines. That was not a smart thing to say. He needs to speak less. Hire a great PR firm and change the public perception about him and the Rockets and most importantly James Harden.

 

I know Tilman is hated but his downfall would send thousands of people out of their jobs. He invests in growth cant hate it, just a smart business Man playing cards he was dealt with

 

He is hated here because of two things:

1. He is a businessman, not a basketball fan. His goal as the Rockets owner is to make money, not win championships. Of course, he would love to win championships, but that's not a priority. (Kind of like how I love to have ice cream in my diet but not a priority) That does not square with our interests as fans.

2. He is said to be a lousy boss to his employees. I don't have concrete proof of that. But I would not be surprised if it was true, judging from the way he talks.

If not for the above reasons, people probably would have been more sympathetic of his financial troubles due to the COVID crisis.

 

I'd only change one word of this post .... the word "Make" into "entice".

Otherwise , spot on.

Sounds eerily reminiscent of the 2007 mortgage crisis ....

 

Tilman is the biggest contributor for American people on job market in the nba.

He is just the worst type of owner who purchases a nba team. I don’t blame him if he dumps Gordon salary for nothing offseason because he needs to pay Landry interest expenses.

I really hope other top 10 big cities to pay big luxury tax next 10 years.

 

The gubmint made available loans that if spent on payroll equate to grants that would have allowed him to keep those people employed and healthcare coverage. Instead , he basically fires the lot so they can go collect unemployment and he's out of the obligation to pay their HC , along with other related employment costs.


If he wasn't so heavily leveraged , he may have the cash on hand to keep those people he's calling "family" .... It's his greed and vanity that have him so heavily leveraged .... Then again , having the cash doesn't mean you have the willingness to do so.

I think he's flat out proven that to be fact in his recent actions.

 

Every owner of any business is there for profits. Don’t get things twisted. The Green Bay Packers are community run and owned but do you think for one minute the team would have as high of a payroll as they do if they were losing money and shareholders would have to pay dividends to the team in order for them to field a team? That’s a rhetorical question, no need to answer.

As far as him being a lousy boss I can’t comment as I’m not employed by him and don’t know anyone who has ever had direct contact with him.

 

One Twitter founder net worth 3.6 billion, contribute 1 billion to fight Coronavirus.

Tilman net worth 4.8 billion.What if Tilman contribute 1 billion dollars?

 

someone need to insert Henry Hill from Good Fella laughing GIF/MEME

 

...then he'd have 1.5 b in incremental debt to service.

That's the rate you get when your credit rating is Broke AF/Broker TF