Tilman Fertitta

Tilman Fertitta Bio, Age, Net Worth, House, Yacht, Wife, Kids,Family

Tilman Fertitta Bio

Tilman Joseph Fertitta is an American businessman and television personality. Tilman Fertitta is the chairman, Chief executive officer, and sole owner of Landry’s, Inc.

Tilman Fertitta

It is one of the largest restaurant corporations in the USA. In addition, He also owns the National Basketball Association NBA’s Houston Rockets.

Tilman J Fertitta

Tilman Fertitta Age

Tilman Fertitta was on born June 25, 1957, in Galveston, Texas where he was also raised. Tilman has two siblings Victor Fertitta and Todd Fertitta. The father of the prosperous businessman, Vic Fertitta, owned a seafood restaurant.

Tilman Fertitta Alma Mata

Tilman went to Texas Tech University, also the University of Houston where he studied Business Administration and Hospitality management. He was involved in the selling and promotion of the Shaklee vitamins as his first entrepreneurial experience.

Tilman Fertitta Net Worth

Tilman is chairman of the board of regents of the University of Houston System. Fertitta became the star of Billion Dollar Buyer on CNBC. On September 5, 2017, Fertitta reached an agreement to buy the Houston Rockets for $2.2 billion.

He also owns the Golden Nugget Casinos and Landry’s, a Texas-based restaurant and entertainment company which includes seafood house, Bubba Gump Shrimp Co. and Saltgrass Steak House. Tilman and his wife Paige gave $20 million to the University of Houston in 2016 to rebuild the school’s basketball arena.

As of 2019, Tilman’s Net Worth was estimated at $5 billion, placing him among the top richest on the Forbes 400 list of the wealthiest Americans; He is referred to as “World’s Richest Restaurateur”.by Forbes

Tilman Fertitta House

Tilman Fertitta’s home

Tilman Fertitta Wife

Tilman Fertitta has been a married man since 1991 to his lovely wife Paige Fertitta. Paige is a smart, beautiful, and ambitious lady who has been supportive of her husband’s business endeavors. Furthermore, Paige organizes events to benefit children living with cancer at M.D Anderson. Also, Paige is a philanthropist who is actively engaged with the First Baptist Academy.

Tilman and Paige have four children; Michael, Patrick, Blayne, and Blake.

Tilman Fertitta Kids

How lucky are Tilman’s children? Blake Fertitta, Blayne Fertitta, Patrick Fertitta, and Michael Fertitta. Their Father announced that he would leave his fortunes to them. Tilman said;

“I look at things totally differently,” he told CNBC Make It. “I believe that what you’ve created is a legacy for you and your family. You try to instill what’s right and wrong with your kids,” he says. “I don’t spoil my kids. My kids go to work every day.”

Fertitta children have been working at his company since they graduated from college and Tilman believes that doing so has taught them that they can contribute more to society by continuing to grow the business and create jobs.

“That’s what makes American capitalism,” he says.

Tilman Fertitta Family

Tilman’s grandfather, Victor “Vic” Joseph Fertitta Sr. who was born in 1908 and died in 1960, was the owner of the Balinese Club in Galveston. Vic and his brother, Anthony, ran underground gaming outposts, as Texas Monthly wrote in a profile for Tilman.

Tilman’s father, Joseph “Vic” Victor Fertitta who was born on 1935-, was born to “Vic Sr.” He and his wife Mary Ann Glorioso had 3 children including Tilman, Todd, and Victor.

Tilman then married his Wife Paige Farwell Fertitta in 1991 and together they had 4 children; Michael, Patrick, Blayne, and Blake.

Tilman Fertitta Yacht

Tilman Fertitta’s Yacht

The beautiful Yacht is 164-foot Broadwalk. The Yac creates a lot of attention and beauty in ports around the world.

Tilman Fertitta Daughter

As the daughter of Paige Fertitta Tilman Fertitta – Landry’s Inc. CEO, Houston Rockets owner and Post Oak at Uptown proprietor – Blayne Fertitta and her grandfather Vic Fertitta were crowned as queen and king of Frivolous CIV at the Fiesta De Momus’ coronation Ball.

This was during the last weekend of February 2019 were she ruled as Momus queen. Blayne introduced 28 women from prominent families in Galveston and Houston. The ladies were clothed in lavish gowns designed just for the occasion by Miwa Sakashita of Houston.

Their presentation, that included the requisite Texas bow, nose to the ground, on stage in the Grand 1894 Opera House was followed by the reveal of the king by Momus Ball captain Dr. Todd Maesel.

Beloved Galveston native Vic Fertitta two-stepped on stage in a series of dance moves that had the crowd roaring with approval. Then came Queen Blayne, a junior at the University of Southern California, who arrived on a flower-decked cart, not towed by a donkey, but rather pushed by her three brothers, Michael, Blake, and Patrick, each dressed for the occasion in white-tie-and-tails.

Tilman Fertitta Restaurants

They include:

  • The Golden Nugget Hotel and Casinos
  • Morton’s The Steakhouse
  • Rainforest Cafe
  • Bubba Gump Shrimp Co.
  • McCormick & Schmick’s Seafood & Steaks
  • Saltgrass Steak House
  • Claim Jumper;
  • Chart House
  • The Oceanaire; Mastro’s Restaurants
  • Grotto Restaurants
  • The Boathouse Restaurants
  • Vic & Anthony’s Steakhouse.

Tilman Fertitta Advice

Tilman likes to say ‘you must be willing to learn in order to succeed.’ Here are some tips and advice he gives to be a good entrepreneur;

Know your numbers.

The key to financial success is knowing your balance sheets. If your costs are too high because you’re paying too much for your linens or your vegetable supplier, you won’t be able to grow your business. It’s also important for your sales pitch.

Knowing your numbers is important for any company or division you run. Each quarter, I review my company’s financial results with the person who has P&L responsibility. I call it “climbing into the box.”

Ask questions such as: Is revenue increasing? At what rate? How are margins holding up, including gross margins, the bottom line, and the net margin? Are we working harder and turning over more money but only making the same amount or a fraction more? If that’s the case, you’re doing something wrong.

As my grandfather used to say, “Turnover equals vanity; profit equals sanity.”

Business is cyclical, so have your cash ready.

It’s important for entrepreneurs to understand that business cycles go up and down. Be prepared for the down cycle. During down cycles, use your cash to expand your business. During boom cycles, save cash for the next downturn.

One of the biggest mistakes an entrepreneur can make is to assume the good times will always last. I’ve been through three major economic downturns and being prepared is the only way to weather these storms.

During the 2008 recession, my company was caught off guard. Our income dropped by 60%. We had to let staff go and negotiate our way out of an expensive lease. Fortunately, we survived and learned our lesson. Now we have cash set aside ready for the next downturn. And so should you.

Follow the 5% rule.

Tilman believes that a business can be doing 95% of things right and still have problems. At my company, we go a step further. We make sure to applaud the 95% because that’s what humans need. Then we look at what’s broken and how we can fix it, always remembering to focus on the problem and not the person.

Be open to change.

“We’ve always done it this way.” are the six deadliest words in business.  It is the biggest cause of failure. Be open to change so you can weather the ups and downs of the industry and continue to be relevant and exciting.

I call this, “Get rid of the legacy spaghetti!” We’re always open to learning new ways of doing things. We also study our competitors to understand what they are doing successfully. Doing it the same old way is what stop businesses from innovating. Whether you’re new to the business world or you’re a seasoned entrepreneur, make sure to always question what’s been done and cut out the clutter.

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