The empire of Houston billionaire Tilman Fertitta has had to lay off 40,000 workers at his Landry’s restaurant empire and closed 200 out of 550 locations outright, with the rest only doing takeout
That said, he keeps his bases covered. On the other side of town his posh, 38-story Post Oak Hotel in the Galleria neighborhood overlooks Bentley, Rolls-Royce and Bugatti dealerships,How bad is it for Fertitta? The man whose critical advice to upstart entrepreneurs is “You better know your numbers” happens to be pretty open with his own.
Creditors are getting nervous. Bonds backed by Golden Nugget maturing in 2024 and 2025 traded this week at 62 cents and 52 cents on the dollar, according to Finra data. They last traded at par a month on March 2, 2020. Fertitta that his managers are happy to work for half-pay if it means they’ll have a job to come back to. “People know we’re in a fight for our lives right now.” last week that he could endure a few months of coronavirus shutdown, tops. “I don’t think anyone can survive past the end of the year, can they?”
So what’s this operation worth? The average enterprise valuation multiple for sit-down restaurant chains is ten times Ebitda . There’s a range: Brinker International , trades at 7.4 times while Dine Brands is at 10.8 times and Darden Restaurants 13.5 times. Based on last year’s Ebitda of ~$700 million, Landry’s would be worth roughly $7 billion in enterprise value. Deduct roughly $4 billion in debt and you have an implied equity value of some $3 billion. But the good times are over for now. According to Jordan Thaeler, founder of WhatsBusy , fine dining is off 90% nationwide, while casual dining is down 75%. Analysts at Cowen & Co. see the pain lasting six months or more.
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