RIDGEFIELD, Conn., Dec. 10, 2021 /PRNewswire/ -- FAST
Acquisition Corp. (NYSE: FST) ("FAST"), a special purpose
acquisition company co-headed by Doug
Jacob and Sandy Beall, and
Fertitta Entertainment, Inc. ("FEI"), 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 February 1, 2021 and amended
on June 30, 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."
FAST Acquisition Corp.
FAST is a hospitality-focused blank check company launched by
the principals of &vest, whose business purpose is to effect a
merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. FAST is led by founder Doug
Jacob and CEO Sandy Beall.
FAST raised $200,000,000 in its
initial public offering on August 20,
2020 and is listed on NYSE under the ticker symbol
"FST."
Fertitta Entertainment, Inc.
Fertitta Entertainment, Inc. is Tilman
J. Fertitta's holding company for substantially all of his
assets, including all of the equity in Golden Nugget, LLC and
Landry's, LLC, approximately 31.494 million shares in Golden Nugget
Online Gaming, Inc. ("GNOG"), hotels, real estate, and other
investments. The business combination will only include all of
its holdings in GNOG and the majority of the assets and businesses
that comprise Golden Nugget, LLC and Landry's, LLC. Golden
Nugget/Landry's is a multinational, diversified gaming, restaurant,
hospitality, and entertainment company based in Houston, Texas. The Company's gaming
division includes the renowned Golden Nugget Hotel and Casino
concept, with locations in Las
Vegas and Laughlin, NV;
Atlantic City, NJ; Biloxi, MS; and Lake Charles, LA. GNOG
is a leading online gaming company that is considered a market
leader by its peers and was first to bring Live Dealer and Live
Casino Floor to the United States
online gaming market. GNOG was the past recipient of 15 eGaming
Review North America Awards, including the coveted "Operator of the
Year" award in 2017, 2018, 2019 and 2020. Entertainment and
hospitality divisions encompass popular destinations including the
Kemah Boardwalk. The Company also operates more than 500 outlets,
including over 400 high-end and casual dining establishments around
the world, with well-known concepts such as Del Frisco's, Landry's Seafood House, Bubba Gump
Shrimp Co., Rainforest Cafe, Morton's The Steakhouse, The Oceanaire
Seafood Room, McCormick & Schick's Seafood, Chart House, Joe's
Crab Shack, and Saltgrass Steak House. Landry's also operates the
popular New York BR Guest Restaurants such as Dos Caminos, Strip
House and Bill's Bar & Burger.
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SOURCE FAST Acquisition Corp.