Casino Magnate Tilman Fertitta may Buy Houston Rockets

Tilman Fertitta has made a very good living through the restaurant and casino business. Now he’s interested in expanding his assets to include the NBA’s Houston Rockets. The team’s current owner, Leslie Alexander, surprised many by putting his team up for sale at $1.65 billion. And Fertitta, who’s worth $3.1 billion, could afford the price […]

tilman-fertitta-rocketsTilman Fertitta has made a very good living through the restaurant and casino business. Now he’s interested in expanding his assets to include the NBA’s Houston Rockets.

The team’s current owner, Leslie Alexander, surprised many by putting his team up for sale at $1.65 billion. And Fertitta, who’s worth $3.1 billion, could afford the price tag – especially if he pooled some investors.

Why does Fertitta Want to Buy the Rockets?

james-harden-rocketsAccording to a report by ESPN, the primary reason why the billionaire is interested in the Rockets is because it’s his hometown team.

“I’ve always had an interest in the Rockets,” said Fertitta. “It’s one of Houston’s four major teams. It would be exciting. This is my home. I’ve looked at other teams, but it’s hard to be involved with another team when Houston is your home.”

Fertitta Almost Bought the Rockets in 1993

The Rockets were up for sale in 1993. And Fertitta offered $81 million for the team back then. However, Alexander had the winning bid at $85 million.

Given that the team is valued at $1.65 billion, this shows how much value NBA teams have gained.

How did Fertitta Build His Fortune?

Fertitta got his start in the Landry’s Restaurant chain. The business was originally limited to two locations. However, he quickly grew the business after taking it public in 1993.

Since that time, he’s managed to add plenty of other businesses to his portfolio. This includes Golden Nugget Hotel and Casinos; Morton’s The Steakhouse, Rainforest Cafe, Bubba Gump Shrimp Co., McCormick & Schmick’s Seafood & Steaks, Saltgrass Steak House, Claim Jumper, Chart House, The Oceanaire, Mastro’s Restaurants, Grotto Restaurants, and Vic & Anthony’s Steakhouse.

As for the Golden Nugget Hotel and Casinos, this chain is featured in cities throughout America, including Atlantic City, Las Vegas, Biloxi.

 

Leave a Reply


four × 9 =