Landry’s, Inc. announced today that it has entered into an agreement to acquire Golden Nugget Las Vegas Hotel & Casino (the “Golden Nugget”) from Tilman J. Fertitta for a total purchase price of $775 million in cash and stock. The transaction is expected to close in early 2013, subject to customary closing conditions, including regulatory approvals.

The Golden Nugget is a historical treasure and one of the most iconic properties on the Las Vegas Strip. The property features nearly 2,000 guest rooms and suites, a world-class casino, live entertainment venues, celebrity chef restaurants and more. “This is an extraordinary opportunity to acquire one of the most storied properties in Las Vegas,” said Tilman J. Fertitta, Chairman, CEO and sole shareholder of Landry’s, Inc. “The Golden Nugget has been a part of my family for over 40 years, and I am proud to have been able to restore it to its rightful place as one of the best hotels and casinos in the world. I am confident that Landry’s will be an excellent steward of this amazing property and continue to build on its rich tradition.”

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Following the close of the transaction, Tilman J. Fertitta will continue to serve as Chairman and CEO of Landry’s, Inc. and the Golden Nugget will remain a privately held company. Landry’s, Inc. is one of America’s largest casual dining, entertainment and hospitality companies, with more than 500 properties in 36 states and Washington, D.C.

The company also operates a group of signature restaurants, including Mastro’s Steakhouse, Bubba Gump Shrimp Co., Rainforest Cafe, Morton’s The Steakhouse, McCormick & Schmick’s Seafood Restaurants, chart house seafood restaurant and more. Landry’s gaming division includes the renowned Golden Nugget Hotel & Casino, home to the world’s largest gold nugget, located in Las Vegas and Laughlin, Nevada.

On July 2, 2014, the agreement to acquire Golden Nugget was announced.

The transaction is expected to close in early 2013, subject to customary closing conditions, including regulatory approvals. Landry’s, Inc. is one of America’s largest casual dining, entertainment and hospitality companies, with more than 500 properties in 36 states and Washington, D.C.

The company also operates a group of signature restaurants, including Mastro’s Steakhouse, Bubba Gump Shrimp Co., Rainforest Cafe, Morton’s The Steakhouse, McCormick & Schmick’s Seafood Restaurants, chart house seafood restaurant and more. Landry’s gaming division includes the renowned Golden Nugget Hotel & Casino, home to the world’s largest gold nugget, located in Las Vegas and Laughlin, Nevada.

The $15 million purchase price is a fraction of the estimated value of the casino, which is appraised at $1.03 billion.

The sale agreement includes a five-year non-compete clause, meaning Fertitta cannot open another casino within a 60-mile radius of the Golden Nugget. Fertitta plans to use the proceeds from the sale to pay down debt and for general corporate purposes.

“This is an extraordinary opportunity to acquire one of the most storied properties in Las Vegas,” said Tilman J. Fertitta, Chairman, CEO and sole shareholder of Landry’s, Inc. “The Golden Nugget has been a part of my family for over 40 years, and I am proud to have been able to restore it to its rightful place as one of the best hotels and casinos in the world. I am confident that Landry’s will be an excellent steward of this amazing property and continue to build on its rich tradition.”

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