This time around, Fertitta could have ended up going broke under $4.6 billion in debt accumulated to build his empire. Instead, he’s getting richer by making use of the era’s hottest financial trend: the special purpose acquisition company, or SPAC. Thanks to creative SPAC financing and what appears to be some serious self-dealing, Fertitta has already increased his net worth, Forbes estimates, from $4.1 billion a year ago to $6.3 billion today. In December, Fertitta hopes to close on his fifth SPAC deal, the biggest transaction of his career, in which he will offload most of Landry’s holdings, including five Golden Nugget casinos and more than 500 restaurants (and billions in debt), to the rechristened Fertitta Entertainment. If all goes as planned, he’ll end up with a 74% stake, worth some $4 billion, in the new public company and a personal net worth topping $8 billion. (Landry’s restaurant brands include Bubba Gump, McCormick & Schmick’s, the Palm and the Rainforest Cafe.)
October 23, 2021 | 1:41 pm EDT Update
Shams Charania: Sources: 9-year NBA veteran Lance Stephenson will play for the Denver Nuggets’ G League affiliate, Grand Rapids, this season. He was selected No. 13 in G League draft today.
Andrew Greif: In today’s G League draft, where LiAngelo Ball went 14th overall to Greensboro (one pick after Lance Stephenson went to Grand Rapids), the Clippers’ Agua Caliente Clippers took Nate Darling fifth overall.
Tommy Beer: The Knicks have made 41 three-pointers this season. No other team in the NBA has made more than 32. Total 3-point attempts thru the first two games of the season: Knicks: 99 Rockets: 71 Nets: 71 Warriors: 70 pic.twitter.com/YTF6OJSVlH
October 23, 2021 | 12:42 pm EDT Update
In an exclusive statement to Yahoo Sports’ Vincent Goodwill, Roberts urged everyone to be respectful and supportive of Simmons as he works through a tough time. She also called out Sixers president of basketball operations Daryl Morey’s comments about continuing this standoff with Simmons for the four remaining years of his contract. “Really? Is it so hard to believe that Ben’s not mentally at a place to compete? Professional athletes — like the rest of us — have difficult periods in our lives that require time and energy to heal. We have and will continue to provide Ben with the support and resources he needs to work through this. Threatening the prospect of ‘another four years’ serves no one’s interests. Like Tobias [Harris], I say let’s respect Ben’s space and embrace him while allowing him the time to move forward. “So, take a breath and count to 10: We are all too good to continue to play this perpetual game of chicken.”
The Wizards then flipped a draft pick for Aaron Holiday and signed Spencer Dinwiddie as part of the trade. Kuzma put on his GM hat after Friday’s game to evaluate the deal in hindsight. “I mean, you gotta do that trade 10 out of 10 times. If you have an opportunity to get five good basketball players for one, it makes sense. Granted, [Westbrook is] obviously a Hall of Fame player and everything. He’s an unbelievable player, don’t take that wrong,” Kuzma said.
Mark Medina: Lakers coach Frank Vogel taking issue with Dwight Howard and Klay Thompson not being on NBA Top 75 list. Vogel called it “surreal” that LeBron, AD, Westbrook and Melo are all on the list