Tilman Fertitta, taking stock of 2020, is ready to flex his buying muscle

Tilman Fertitta is hot, but he’s bracing for a cold, dark winter. The billionaire owner of Landry’s Inc., the Golden Nugget casino empire and the Houston Rockets — all enterprises that rely on happy, healthy, flush consumers — said businesses like his will continue to suffer if the nation’s leaders don’t loosen pandemic restrictions and do more to support struggling businesses. In a wide-ranging conversation on the heels of a merger that took his Golden Nugget Online Gaming company public, Fertitta talked tough pandemic choices, railed against bureaucrats and foreshadowed new opportunities in the months ahead.

Striking a familiar chord, he argued that politicians get paid whether businesses are open or not, and so are not affected by the rules they lay down. “Everybody that makes a decision to shut down a business is still getting their paycheck every week,” he said. “That’s my greatest disappointment in politicians during this pandemic.” The government hasn’t done enough to help small businesses — “the PPP was a disaster” — and as smaller businesses fold and shed assets, companies like his with access to capital will prevail. Shortly after the pandemic took hold in the spring, Fertitta said Landry’s had enough cash going into the crisis to last through the end of the summer if the shutdown continued. It did. He also raised $300 million in debt through longtime banking partner Jefferies Financial Group, the New York investment bank. The cash was essentially an extra insurance policy should Fertitta’s properties remain closed through the end of the year. He has also partnered with Jefferies on a third special purpose acquisition company, raising $500 million to invest in another business.