Tilman Fertitta

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Joseph Fertitta (born June 25, 1957) is an American businessman and television presenter.

He is the chairman, CEO, and sole owner of Landry's, Inc., one of the nation's biggest restaurant companies. He also owns the Houston Rockets, which is also a member of the National Basketball Association (NBA). Fertitta is the chairman of the University of Houston System's board of regents, ranking him at 153 on the Forbes 500 list of the world's richest Americans; Forbes names him as the "World's Richest Restaurateur."

Fertitta is the star of CNBC's Billion Dollar Buyer.

Fertitta and the Houston Rockets agreed to sell the Houston Rockets for $2.2 billion on September 5, 2017.

Early life and education

In 1957, Tilman Fertitta was born in Galveston, Texas. He is of Sicilian descent. Vickie, his father's business on Galveston Island, was a seafood restaurant, and Tilman would peel shrimp in his father's restaurant after school.

Fertitta studied at Texas Tech University and the University of Houston, studying business administration and hospitality management. He started selling and promoting Shaklee vitamins.

Personal life

Fertitta married Paige Farwell, who has four children, a daughter, and three sons. Fertitta is now married to Lauren Ware, a Houston prosecutor.

Lorenzo and Frank Fertitta, the third-cousin of former UFC owners Lorenzo and Frank Fertitta, are third-cousin. Fertitta, a devoted sports fan, is a vocal promoter of the University of Houston Cougars, and can be seen at most Cougar football and basketball games as well as court side for Houston Rockets basketball games. Fertitta, a basketball player at the University of Houston, has donated $20 million to restore Hofheinz Pavilion, which has since been renamed Fertitta Center, as well as donations for the construction of TDECU Stadium.

Fertitta is a close friend of former NASA astronaut Mark Kelly and former Arizona congresswoman Gabby Giffords.

Fertitta is the chairman of the Houston Children's Charity's board. Fertitta was appointed by Texas Governor Rick Perry to the University of Houston System's board of regents in 2009. Fertitta was named chairperson of the Houston Police Department's Police Foundation in 2008, and she was charged with providing police officers with gear and equipment. He is on the executive committee for the Houston Livestock Show and Rodeo. He is a board member of the Texas Heart Institute, the Museum of Fine Arts, Houston, and the Greater Houston Partnership.

In May 2022, The University of Houston College of Medicine announced that Tilman Fertitta had given them a $50 million pledge. As a result, the school has been renamed the Tilman J. Fertitta Family College of Medicine. The gift will be used to combat the state's primary care physician shortage, particularly in low-income areas and underserved communities. In addition, the donation will be used to attract scholars with a focus on healthcare innovation and population health.

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Career

Fertitta started and operated a construction and design company in the 1980s and created the Key Largo Hotel in Galveston, his first major project.

Fertitta was a partner in the first Landry's Seafood restaurant, Landry's Seafood, which opened in 1980 in the Houston suburb of Katy, Texas. Willie G's Seafood & Steaks, a more upscale restaurant in Uptown Houston, opened a year earlier.

Fertitta acquired majority control of both locations in 1986, and then became sole proprietor of Landry's Restaurants in 1988. He took Landry's, Inc. public in 1993, and the company grew quickly, adding concept after concept.

Fertitta was inducted into the Texas Business Hall of Fame in 2004, becoming the second-youngest Texan to ever be inducted, behind only Michael Dell.

Fertitta, Inc.'s majority owner, acquired the majority of the company's Inc. shares in 2010, becoming the sole owner again. The company's value was estimated at $30 million in 1993.

The company's value had increased to more than $1.7 billion by 2011 by the end of the year. Fertitta's leadership means that the restaurant/entertainment/gaming/hospitality business now owns and operates more than 500 restaurants as of 2013. Landry's, Inc., Inc., employs over 50,000 people and has a $3.2 billion budget.

Morton's The Golden Nugget Hotel and Casinos; Morton's The Steakhouse; Bubba Gump Shrimp Co.; McCormick & Schmick's Seafood & Steaks; and Vic & Anthony's Steakhouse; Mastro's Restaurants; Macro Grills; Macro's Restaurants; He purchased half of the EMM group, the restauranteur of Catch Restaurants, in 2017.

Fertitta was the first building in Galveston, Texas, to purchase the rights to Landry's. Fertitta started focusing more on Landry's hospitality segment after buying restaurants and also bought the San Luis Resort, Spa, & Conference Center in Galveston, Texas. In 2004, he collaborated with the City of Galveston to install the conference center inside the hotel. Fertitta has owned two additional hotels on the island, including the Holiday Inn On the Beach in 2003 and the Hilton Galveston Island Resort in 2004, which is located adjacent to his San Luis Resort. Fertitta introduced the Villas at San Luis, a luxury villa with direct access to both the beach and the pool, which was listed by the International Hospitality Institute in June 2022 on a list of the 100 Most Influential People in Global Hospitality.

Landry first expanded to casinos in 2005 when it purchased Golden Nugget Casinos, which included Las Vegas and Laughlin, Nevada. Landry's has opened casinos in Atlantic City, New Jersey; Biloxi, Mississippi; and Lake Charles, Louisiana. The Trump Marina in Atlantic City was once known as the Golden Nugget. Fertitta bought this casino from Trump Entertainment Resorts in 2011.

Fertitta was granted a license and resort land by Pinnacle Entertainment, which owns the adjacent L'Auberge du Lac Resort. Fertitta said he designed the casino with the intention of having a casino in close proximity to his Houston hometown. Following the success of the first year, the casino's new 300-room tower was installed on the property.

Landry's also owns amusement parks, aquariums, and the Kemah Boardwalk, in addition to restaurants, hotels, and casinos. Landry's Inc. first purchased the Kemah Boardwalk in 1999. Fertitta introduced a few Landry's restaurants and a few rides after acquiring the boardwalk. In 2007, he introduced the Boardwalk Bullet, which is a high-speed wooden roller coaster. He also launched the Boardwalk Fanta Sea, a luxurious yacht cruise service for tourists on the coast of Galveston Bay.

The marina on the boardwalk in Greater Houston has the most crowded boat and yachts in the city, as well as one of the country's largest. The boardwalk also includes an aquarium, which is part of the Landry brand of aquarium restaurants, with locations in Houston, Denver, and Nashville. The Kemah boardwalk was named by Travel + Leisure magazine as a top-ten American boardwalk.

Landry's purchased the property in downtown Houston on the 400 block of Bagby. The contract was made by a City of Houston initiative to redevelop the fire station. The aquarium added the shark tank and restaurant before opening in 2003.

Fertitta revived the pleasure pier in Galveston, Texas, after Hurricane Ike's closing had closed the pier. In 2012, the Galveston Island Historical Pleasure Pier was reopened as the Galveston Island Historic Pleasure Pier. The renovated pier features an amusement park, Bubba Gump Shrimp Company restaurant, as well as shops.

Fertitta was one of the original investors in building the Houston Texans as an NFL team. He was a partner of Texans owner Bob McNair until 2008, when he had to leave the franchise because he owned the Golden Nugget casino chain (a Landry's affiliate) and NFL rules state that no player of a team is allowed to play illegally. Fertitta and McNair were dissatisfied, because Fertitta was a member of the franchise from the start.

Fertitta bought the naming rights to Minute Maid Park's Crawford Boxes in 2003, dubbed "Landry's Crawford Boxes." During radio and television broadcastings, the word has become a business moniker. A Landry's sign is prominent above the section, as well as many of the company's subsidiaries. Traditionally, if a fan participates in a home run, they are given a gift certificate to one of Landry's restaurants. Promoters for Landry often visit the area and give away items such as T-shirts.

He decided to buy the Rockets from Leslie Alexander, which is pending league approval, for a NBA record $2.2 billion on September 4, 2017. Fertitta was granted permission by the NBA to own the Houston Rockets on October 6, 2017. Fertitta paid for the Rockets by selling $1.415 billion worth of bonds and battling Houston-native Beyonce Knowles to buy the team. He became the owner of Clutch Gaming, a professional eSports company focusing on League of Legends after purchasing the Houston Rockets.

Fertitta expressed interest in either expanding an NHL team or relocateing an NHL team to Houston in 2017, with both options most likely playing at Toyota Center. He held preliminary talks with commissioner Gary Bettman in 2018 to discuss team ownership. Although he hasn't revealed much about his potential ownership in recent months, it is likely he is working on a contract to purchase the Arizona Coyotes, but it hasn't been confirmed or denied by him.

Fertitta's Landcadia, a portmanteau of Fertitta's Landry's and Handler's Leucadia, was partnered with Richard Handler and announced the creation of Landcadia, a special-purpose acquisition firm. The company aims to raise up to $300 million in initial public offering.

Fertitta reported on May 16, 2018, that Landcadia would purchase Waitr.

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