Golden Nugget owner Tilman Fertitta has decided to end pursuit of a merger deal that would have brought his entertainment company into the public arena.
Fertitta had been in talks to merge his company, Fertitta Entertainment Inc., with Fast Acquisition Corp., a publicly traded special purpose acquisition company, which are sometimes referred to as blank check companies.
Originally, the parties had planned to merge in February, but that date was pushed back.
As part of the agreement to break off talks — it was referred to as a “mutual” termination — Fertitta Entertainment will pay up to $33 million, according to a news release.
In a statement, Fertitta said it was the “right decision” to keep Fertitta Entertainment as a private company.
“I look forward to continuing to grow our business both organically and inorganically,” Fertitta said.
Along with the Golden Nugget in downtown Las Vegas, Fertitta Entertainment owns other casinos around the U.S., including the Golden Nugget casino in Laughlin, and is the parent company of Landry’s, a nationwide leader in the dining and hospitality industries.
Fertitta also owns the NBA’s Houston Rockets. Fertitta Entertainment is based in Houston.