Golden Nugget owner Fertitta offers record 15% loan rate

Billionaire Tilman Fertitta, owner of Golden Nugget casinos, proposed a $250m loan at a 15% rate to potential lenders according to Bloomberg.

Bloomberg reports that the loan rate is the highest ever recorded in the US leveraged loan market, not including bankruptcy. 

The loan, which is being arranged by Jeffries Financial Group Inc., would mature in October of 2023. 

In recent weeks Fertitta’s Landry’s hospitality company has blown through $300m in existing credit lines with the billionaire adding another $50m of his own stockpile reports Bloomberg. 

Landry’s furloughed 40,000 employees in late March including workers at five Golden Nugget casinos across four states. 

Ezra Amacher

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