Tilman Fertitta Web Unit Goes Public in $745 Million Deal With Himself
- Billionaire plans online gaming expansion from New Jersey base
- Houston Rocket owners can’t accept bets on his team, though
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Tilman Fertitta, the Houston billionaire and basketball-team owner, has created a way for the public to invest in his online-betting business.
Fertitta is merging his Golden Nugget Online Gaming Inc. with Landcadia Holdings II, a publicly traded “blank check” company he created last year with Jefferies Financial Group Inc. The deal announced Monday values the business at $745 million, or roughly six times next year’s anticipated revenue.