Billionaire Fertitta Offers Record 15% Loan Rate to Save Empire
- Landry’s $250 million loan is lifeline to restaurants, casinos
- Businessman puts $50 million of own cash to shore up business
Tilman Fertitta
Photographer: Chris GoodneyThis article is for subscribers only.
Texas billionaire Tilman Fertitta is looking to raise more debt to keep his casino and restaurant empire afloat through year-end if the Covid-19 shutdown persists. The offering is ending a near one-month drought in the market for risky corporate loans.
The businessman is offering potential lenders an interest rate of at least 15% to participate in a new $250 million loan for his Golden Nugget casinos and hundreds of restaurants under the Landry’s Inc. umbrella that have been ravaged by the coronavirus, according to people with knowledge of the matter.