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2 February 2021 By Lauren Silva Laughlin Follow @TheRealLSL

The Texas billionaire is selling his casino and steak combo to a blank-check company. That’s after he used one of his own SPACs to buy his online-gaming unit, and another to acquire a food-delivery service that was later sued. If a SPAC serves it up, Fertitta is ordering.

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Fertitta Entertainment, billionaire Tilman Fertitta’s casino and steak business, agreed on Feb. 1 to go public via a sale to Fast Acquisition, a special purpose acquisition company, in a deal that values Fertitta Entertainment at $6.6 billion including debt, adjusted for the current share price of a stake in Golden Nugget Online Gaming. Fertitta will continue to manage the company, which owns five Golden Nugget casinos and 446 full-service restaurants. The deal includes a $1.2 billion private placement.

Landcadia Holdings II, a SPAC sponsored by Fertitta Entertainment and investment bank Jefferies Financial, on Dec. 29 closed its purchase of Golden Nugget Online Gaming, a betting company previously indirectly owned by Fertitta Entertainment, and changed its name to that of the acquired company. The original deal gave Golden Nugget Online Gaming an enterprise value of $745 million.

In early 2018 Landcadia Holdings, another SPAC backed by Fertitta, announced a deal to buy online food-ordering service Waitr. The transaction closed later that year. Starting in 2019, certain investors brought lawsuits against the renamed Waitr claiming it misled investors about its prospects, allegations the company believes lack merit.

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