Texan ups McCormick & Schmick's stake

Texas restaurant magnate Tilman J. Fertitta took a break from his recent restaurant-buying spree to add 150,248 shares of Portland-based McCormick & Schmick’s Seafood Restaurants Inc. to his stock portfolio.

The latest move bolsters speculation the colorful Fertitta may be interested in acquiring the 96-unit chain for his Landry’s Restaurants Inc., which is based in Houston.

 

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Landry's buys Bubba Gump dining chain

On Monday, Landry's Restaurants announced it acquired Bubba Gump Shrimp Co., a 32-unit casual dining seafood chain.
It is the second acquisition for Landry's since the company went private last month. Also in October, Landry's bought the 40-unit Irvine, Cal.-based Claim Jumper Restaurants.
Houston-based Landry's paid $120 million for the Bubba Gump chain, which previously had been owned by a private equity group, Landry's CEO Tilman Fertitta said.

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Landrys buys Claim Jumper Assets

Hospitality Business News -Claim Jumper Restaurants, LLC announced today that Landry’s Restaurants, Inc. has been selected as the highest and best bidder in a competitive auction held October 28, 2010 for substantially all of its assets. Landry’s final bid has been valued by the Company and the Official Committee of Unsecured Creditors at $76.6 million. The proposed sale to Landry’s is expected to be approved by the Bankruptcy Court in Wilmington, Delaware on November 2, 2010. The transaction is expected to close on a date mutually agreeable to the Company and Landry’s, subject to satisfaction or waiver of customary closing conditions.

Landry's goes private

When Tilman Fertitta took Landry's Restaurants public in 1993, the company had nine restaurants. Today it's an empire, with more than 200 restaurants, amusement venues, hotels and casinos.


And now it's all his.

After trying more than two years to go private again, Fertitta finally succeeded. The deal, which is worth about $1.4 billion including debt, is expected to close today. On Monday, Landry's shareholders approved his offer.

Although he no longer has to answer to anyone, he says the company strategy will be the same.

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Fertitta sweetens Landry's offer again

Landry's Restaurants Inc. CEO Tilman Fertitta has raised his offer in a successful bid to gain an activist investor’s approval for the executive's acquisition of the company, Landry’s said Tuesday.

Fertitta upped his bid for the Houston-based restaurant chain by 50 cents to $24.50 a share.

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The Fight at Landry’s Gets Uglier

The management buyout of Landry’s Restaurants first earned the dubious honor of being a “deal from hell” well over a year ago.

In its first iteration, the deal showed the perils of weak special committees, managers bent on a buyout no matter the legal consequences and the nightmare of a lawyer losing control of a client and the deal process.

The Landry’s situation now appears to have become much worse.

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Landry's agrees to be bought by CEO for $1.4 billion

Landry's Restaurants Inc's (LNY.N) Chief Executive Tilman Fertitta concluded a nearly two-year-long bid for the company on Monday, after the seafood restaurant operator agreed to be bought for $24 a share, or $1.4 billion, in cash

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Landry's Restaurants, Inc. ('LNY'/NYSE) Reports First Quarter 2010 Results

Landry's Restaurants, Inc. (NYSE: LNY; the "Company"), today announced its results for the first quarter ended March 31, 2010.

Revenues from continuing operations for the three months ended March 31, 2010, totaled $258.7 million, as compared to $256.3 million a year earlier. Revenues from the restaurant and hospitality group were $199.2 million and $200.3 million for the first quarter of 2010 and 2009, respectively and $59.5 million and $56.0 million for the same periods from the Golden Nugget properties. Income from continuing operations for the quarter was $14.6 million, compared to $7.4 million reported last year. Results for the 2010 first quarter included a gain from the repurchase of a portion of the Golden Nugget debt and from receipt of certain insurance proceeds, while the corresponding period in 2009 included reduced rent expense from a one time lease termination payment and a gain on insurance proceeds partially offset by an expense for call premiums arising from the Company's successful refinancing in February 2009. In addition, the 2010 first quarter included a non-cash loss on the value of interest rate swaps not designated as hedges as compared to a gain during the same period in 2009. A summary of discrete items impacting the comparability between 2010 and 2009 results, net of tax is provided below.

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Oceanaire to be bought by Landry's Restaurants

Landry’s Restaurants Inc. has agreed to buy The Oceanaire Inc. upscale seafood chain out of bankruptcy.


Houston-based Landry’s (NYSE: LNY) would pay Oceanaire’s creditors $6.6 million — or roughly “80 cents on the dollar,” according to Oceanaire CEO Terry Ryan — and take on approximately $17 million in remaining debt. A U.S. Bankruptcy Court will rule next week on whether the sale can proceed.

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Cosmopolitan of Las Vegas to open mid-December

LAS VEGAS — The last major new casino-resort likely to open on the struggling Las Vegas Strip for at least a few years will debut in mid-December, with roughly one-third of its rooms delayed to next July, its CEO said.


Even before the $3.9 billion Cosmopolitan of Las Vegas plays its first hand, executives and analysts say it must draw new customers who feel it is a must-see reason to visit Sin City.

Competition is already fierce for the visitors who are still coming; 36.4 million came in 2009. The city's roughly 149,000 hotel rooms fetched 22 percent less per night last year compared with 2008, and January rates fell 4.9 percent this year compared with 2009.

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LANDRY’S RESTAURANTS, INC. (“LNY”/NYSE) REPORTS THIRD QUARTER 2009 RESULTS

Landry's Restaurants, Inc. (NYSE: LNY - News; the "Company"), today announced its results for the third quarter ended September 30, 2009.
Revenues from continuing operations for the three months ended September 30, 2009, totaled $276.6 million, as compared to $289.7 million a year earlier. Revenues from the restaurant and hospitality group were $224.2 million and $229.1 million for the third quarter of 2009 and 2008, respectively and $52.4 million and $60.6 million for the same periods from the Golden Nugget properties.

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Landry's Restaurants plans to fund part of going-private deal with private debt offering

HOUSTON (AP) -- Landry's Restaurants Inc. said Wednesday it plans to refinance its debt and fund a portion of its takeover by CEO Tilman J. Fertitta with proceeds from a debt offering.

The offering totals up to $550 million in newly issued senior secured debt securities issued in a private placement.

Fertitta, who also serves as the company's president, hopes to take the restaurant chain private next year, following board approval of his $1.2 billion all-cash acquisition offer Tuesday.

Fertitta already controlled more than half of Landry's shares. Under terms of the deal, Fertitta's company will pay $14.75 per share in cash for Landry's stock it doesn't already own

Landry's operates restaurants nationwide under the names Rainforest Cafe, Landry's Seafood House, Charley's Crab and others.

Shares of the company rose 52 cents, or 3.8 percent, to close at $14.21.

Landry's Restaurants Special Committee to Explore Alternative Proposals to Indication of Interest From Tilman J. Fertitta

HOUSTON, Sept. 9 /PRNewswire-FirstCall/ -- Landry's Restaurants, Inc. (NYSE: LNY - News; the "Company") announced today that on August 14, 2009, its Board of Directors appointed a special committee ("Special Committee") comprised solely of independent directors of the Company and authorized the Special Committee to review strategic alternatives for the Company, including a possible sale of the Company. The Special Committee has retained independent legal advisors and engaged Moelis & Company LLC as its financial advisor.

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Landry's Restaurants, Inc. ('LNY'/NYSE) Reports Second Quarter 2009 Results; Net Income of $8.3 Million Compared to $13.9 Million in the Prior Year

HOUSTON, July 22 /PRNewswire-FirstCall/ -- Landry's Restaurants, Inc. (NYSE: LNY - News; the "Company"), today announced its results for the second quarter ended June 30, 2009. The Company's income from continuing operations for the quarter was $0.51 per share-diluted as compared to $0.86 reported last year.

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LANDRY’S RESTAURANTS, INC. (“LNY”/NYSE) REPORTS FIRST QUARTER 2009 RESULTS

Houston, Texas (May 7, 2009)
Landry’s Restaurants, Inc. (NYSE: LNY - News; the “Company”), today announced its results for the first quarter ended March 31, 2009.
Revenues from continuing operations for the three months ended March 31, 2009, totaled $256.3 million, as compared to $292.3 million a year earlier. Revenues from the restaurant and hospitality group were $200.3 million and $222.5 million for the first quarter of 2009 and 2008, respectively and $56.0 million and $69.8 million for the same periods from the Golden Nugget properties. The prior year results included an additional day due to leap year. Income from continuing operations for the quarter was $7.1 million, compared to $2.5 million reported last year. On a pre-tax basis, results for the first quarter included $7.5 million in reduced rent expense from a lease termination payment received to exit one location, $3.5 million representing a gain on insurance proceeds in excess of the book value of the damaged assets, a gain on the sale of property of $0.6 million partially offset by a $4.0 million expense for call premiums arising from the Company’s successful refinancing in February 2009 and $0.8 million in costs associated with the terminated going private transaction. In addition, the first quarter included a $0.4 million non-cash pre-tax gain on the value of interest rate swaps not designated as hedges as compared to a loss of $4.7 million during the same period in 2008. Same store sales for the Company’s restaurants were negative 9% for the quarter. Earnings per share-diluted from continuing operations for the quarter were $0.44, compared to $0.15 reported last year.
Interest expense for the first quarter of 2009 was $24.6 million compared to $20.8 million in the first quarter of 2008 primarily due to higher borrowings associated with construction of the new tower at the Golden Nugget and higher interest rates resulting from the refinancing in 2009.
Adjusted EBITDA for the first quarter of 2009 was $52.4 million comprised of $39.9 million for the restaurant and hospitality group and $12.5 million from gaming operations compared to $46.7 million in the comparable prior year period with $28.5 million from restaurant and hospitality and $18.2 million from gaming. Excluding the non recurring items described above, adjusted EBITDA for the quarter would have been $45.5 million as compared to $46.7 million in the same period in the prior year. Restaurant and hospitality would have contributed $33.0 million compared to $28.5 million in the prior year while gaming operations contributed $12.5 million in the first quarter 2009 versus $18.2 million in the first quarter of 2008.