Landry's Restaurants is a leading full-service restaurant operator. 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.
Change in Company Type
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 operates a total of about 500 locations throughout the US.
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.
Sales and Marketing
Landry's has carved out a niche for itself in the destination dining segment, especially in tourist locations such as Disneyland, the Mall of America, and Las Vegas.
Mergers and Acquisitions
In late 2014 Landry's reached an agreement to acquire the Mitchell’s Fish Market restaurant chain from Ruth Hospitality Group for about $10 million. The deal will add another seafood concept to Landry's large portfolio.
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.
Fertitta 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.