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Fertitta Hospitality Inc history
Fertitta Hospitality Inc company history timeline
He offered $125 million for Rainforest Cafe in 2000, but a large shareholder rejected the offer; the stock plunged, and Fertitta picked it up for $75 million seven months later.
Five years later, in 2001, Fertitta won over enough people around town, including Mayor Quiroga, to push for a special election on increasing the local hotel tax from 13 cents to 15 cents on the dollar.
Xyience is a major sponsor of Ultimate Fighting Championship, which the Fertittas bought in 2001 for $2 million and quickly turned into a cash machine.
By Steve Weigand, Sacramento Bee, June 9, 2003 (accessed on Newspapers.com) on Frank Fertitta, Jr.:
In 2003 he transformed two former municipal buildings on the banks of Houston’s Buffalo Bayou into the Downtown Aquarium, complete with yet another Ferris wheel and, controversially, a caged group of white tigers.
He bid for casual restaurant chain Claim Jumper in 2005 but lost out to a group of private investors who paid $220 million for its 20 restaurants.
In 2005, [Tilman] Fertitta followed his illustrious forebears into the gaming industry by purchasing the then-59-year-old Golden Nugget casino, which had locations in Las Vegas and Laughlin, Nevada.
The Fertitta brothers also control Station Casinos, which emerged from bankruptcy in 2009.
His biggest deal was taking Landry's private in October 2010 for $1.4 billion, including $700 million in debt.
He's boosted restaurant-level operating cash flow at every chain he's recently acquired: Chart House's margin has jumped from 15.5% to 23.3%, Claim Jumper's is up 4.9% since being bought in December 2010.
Fertitta first debuted on the Forbes 400 list in 2012 and is frequently featured in the nation’s top financial and industry publications.
It is curious that in 2017, well into the tenure of the strategic Adam Silver, Fertitta—with the baggage of his family name, a need for profoundly creative financing, and not even the high bid—made it to the front of the line.
In March 2018, Fertitta opened Houston’s only AAA Five-Diamond Hotel, The Post Oak Hotel at Uptown Houston; the city’s newest ultra-modern, luxury destination.
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Fertitta Hospitality Inc competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Bahia Cabana | - | $8.3M | 350 | - |
| Monterey Peninsula Country Club | 1925 | $50.0M | 69 | - |
| The ART Hotel | 2015 | $1.3M | 350 | - |
| Ellis Island Casino & Brewery | 1968 | $20.7M | 200 | 34 |
| The Cosmopolitan of Las Vegas | 2008 | $652.5M | 4,577 | - |
| Seminole Hard Rock Hotel & Casino Tampa | 2004 | $14.0M | 1,015 | 42 |
| Tropicana Casinos | 2008 | $898.2M | 25 | - |
| Palms Casino Resort | 2001 | $21.0M | 50 | - |
| Northern Quest Resort & Casino | 2000 | $49.9M | 1,000 | 28 |
| Rio Hotel | 2009 | $230,000 | 7 | - |
Fertitta Hospitality Inc history FAQs
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