Fertitta pulls out of $8.6 billion deal to take casino company public

10 December 2021

(PRESS RELEASE) -- FAST Acquisition Corp., a special purpose acquisition company co-headed by Doug Jacob and Sandy Beall, and Fertitta Entertainment, Inc., the parent company of Golden Nugget/Landry's, a leader in the gaming, restaurant, hospitality and entertainment industry, announced today that they have agreed to mutually terminate their merger agreement, originally entered into on 1 February 2021 and amended on 30 June 2021.

The parties have simultaneously terminated their Merger Agreement after a settlement was reached regarding the parties' disagreement over the termination date in the Merger Agreement.

The settlement provides FAST and its shareholders up to $33 million through a combination of upfront and deferred payments, part of which is contingent on whether FAST ultimately effectuates a business combination transaction. The settlement includes a payment to the SPAC which will be used to cover expenses associated with the terminated transaction as well as a replenishment of the SPAC's working capital account. FAST intends to continue to seek a business combination with another operating company.

Doug Jacob, Founder of FAST stated: "FEI is an incredible hospitality empire run by the one of the world's best operators that we have had a first-hand view into for many years now. We wish Tilman and his team the best of luck as they remain a private company. Through this settlement we ensured that we are sufficiently capitalized to seek a new target and that we could continue our efforts to maximize value for our shareholders."

According to Tilman Fertitta: "I have a lot of respect for the FAST team and will support them however I can as they continue to search for a merger target. At the end of the day we ultimately determined that the right decision for my company was to remain private at this time, and I look forward to continuing to grow our business both organically and in-organically."

Related Links
Fertitta Entertainment Gaming Vendor Information

Featured Vendors
Dable Advisory & Consulting Services
Indian Gaming Tradeshow & Convention
Dable Advisory & Consulting Services
Advisory & consulting services services for Indigenous entrepreneurs, businesses & organizations
Indian Gaming Tradeshow & Convention
The largest gathering of tribal leaders and casino executives in the United States
TribalHub
Kallop
TribalHub
25th Annual TribalNet Conference Sept 16-19, 2024 Westgate Las Vegas
Kallop
Reward every play like a VIP with exclusive luxury brands at affordable prices.
Regulatory Management Counselors, PC
Goldfinger Monitors
Regulatory Management Counselors, PC
Over 45 years of experience serving the legal and regulatory needs of casino industry clients
Goldfinger Monitors
Innovative touch-screen solutions - vibrant lighting, high-def imagery, bright, bold colors
Casino City Press
Casino Network
Casino City Press
A leading publisher and distributor of casino and gaming business data and market research reports.
Casino Network
20+ years experience selling refurbished slot machines, parts & glass for all major brands
AmericanChecked
OCR - Online Casino Reports
AmericanChecked
Background checks for the gaming industry with key & non-key packages & fingerprinting solutions
OCR - Online Casino Reports
Delivers highly targeted casino traffic from over 70 countries! Get your casino listed today at OCR!
Sunkist Graphics, Inc.
Casino Trac - Table Trac, Inc.
Sunkist Graphics, Inc.
Specializing in the creation of best-of-breed gaming graphics - slot glass, sign faces, and more
Casino Trac - Table Trac, Inc.
CasinoTrac™ is a full CMS platform, operating in 225 locations, across 13 countries, since 1995.
Slot Machines Unlimited
Betson Imperial Parts & Service
Slot Machines Unlimited
Exporter of IGT, Williams, AVP, Trimline, Aristocrat, Konami, Bally, & parts over 20 yrs experience
Betson Imperial Parts & Service
Your one stop shop for all your gaming and OEM needs!
Casino Schedule Ease
Top One Tech Limited
Casino Schedule Ease
Full Featured & customizable for the complex scheduling needs of table games & other casino depts
Top One Tech Limited
GLOBAL TOUCH SOLUTION PARTNER OF CHOICE,10+ years OEM manufacturing,100+ thousand units application
Oklahoma Indian Gaming Association (OIGA) Conference
House Tech Ads
Oklahoma Indian Gaming Association (OIGA) Conference
The biggest little show in Indian gaming! Save the date: August 12-14, 2024 Oklahoma City
House Tech Ads
Drive quality casino-gambling traffic to your brand from over 70 countries from our premium assets!
GamblersPick
GamblersPick
Share & Read other players' reviews! A top player community-driven portal for online casinos.


Your Guide to 14,890 Gaming Industry Suppliers