The deal will see Fertitta Entertainment owner Tilman Fertitta sell a minority stake in the business to investors.

He will retain a 60% stake, holding stock valued in excess of $2bn following the closure of the transaction, and will remain its chairman, president and chief executive. 

The business previously traded on the NYSE between 1993 and 2010, when Fertitta acquired all outstanding shares to take it private.

The Fast Acquisition combination will also see the newly-listed business retain voting control and ownership of approximately 31m shares in Golden Nugget Online Gaming. 

That division, comprising the operator’s its sports betting and igaming assets, was spun off and listed on the Nasdaq in a separate SPAC combination completed on December 30, 2020.

“I look forward to returning my company to the public marketplace,” Fertitta commented. “After taking the company private in 2010, we accomplished a lot. 

“However, in today’s opportunistic world, I determined that in order to maximize the opportunities in the gaming, entertainment and hospitality sectors, it was preferable to take my company public.”

He revealed the business had begun to explore a listing in 2019, amid “tremendous” M&A deals in the industry, though plans were delayed by the novel coronavirus (Covid-19) pandemic.

“Fast provided us with the perfect merger vehicle to allow us to take control of an already existing public company,” he explained. “Fast’s capital along with the equity investment from institutional shareholders will strengthen our balance sheet and allow us to pursue our acquisition strategy.”

He said that the merger would allow Landry’s to access capital markets with “more certainty and speed” than a traditional initial public offering.

Read the full story on iGB North America.

Original article: https://igamingbusiness.com/golden-nugget-parent-to-go-public-through-spac-combination/

LEAVE A REPLY

Please enter your comment!
Please enter your name here