Landry's Restaurants is a leading full-service restaurant operator with more than 275 locations throughout the US. The company's estate of eateries is anchored by its flagship Landry's Seafood House chain; other concepts include Rainforest Cafe, McCormick & Schmick's, Saltgrass Steak House, and Bubba Gump Shrimp. Through an agreement with an affiliate, Landry's manages the Claim Jumper chain of about 35 restaurants. The company also owns and operates the iconic Golden Nugget Hotel & Casino in Las Vegas, along with a number of other entertainment properties, including aquariums, hotels, and other tourist attractions. CEO Tilman Fertitta led a buyout of Landry's in 2010, taking the company private.
The company has expanded into a multi-faceted leisure and entertainment company through a long series of acquisitions, but its core restaurant chains still account for about 70% of sales. Landry's agreed to the buyout offer from CEO Fertitta after he increased his offer $1.4 billion. The deal marked a third go-round for Landry's and its CEO, who previously attempted to take the company private through unsuccessful buyout attempts in 2008 and 2009.
Landry's added to its robust restaurant portfolio in 2010 when it made several acquisitions. The company paid $23.6 million for Oceanaire, a bankrupt chain of about a dozen supper club restaurants. Then later in the year, Landry's acquired Bubba Gump Shrimp's chain of about 30 restaurants for $120 million. An affiliate of Landry's acquired the Claim Jumper chain of restaurants, which Landry's now manages. Claim Jumper provides more of a West Coast presence and the Bubba Gump chain gives Landry's international locations and more presence in tourist areas such as Las Vegas and Orlando.
In 2011, Landry's paid $38 million to acquire the Trump Marina Hotel Casino in Atlantic City from Trump Entertainment Resorts. Landry's rebranded the complex as the Golden Nugget to go along with the company's Golden Nugget casinos in Las Vegas and Laughlin, Nevada.
The company has also carved out a niche for itself in the destination dining segment with its Rainforest Cafe brand, which operates primarily in tourist locations such as Disneyland, the Mall of America, and Las Vegas.
Fertitta also owns upscale seafood chain McCormick & Schmick's after buying up the all of the company's stock in early 2012. A subsidiary of Landry's acquired the stock for about $131 million. Fertitta's apparently deep pockets led him to offer about $116 to purchase the Morton's steakhouse chain in early 2012. That deal is still pending. – less