Landry’s CEO snags starring CNBC role in ‘Billion Dollar Buyer’

Tilman Fertitta has no interest in following the political footsteps of Donald Trump, but the Texas billionaire is stepping into the reality television world Tuesday and having a lot of fun.

Fertitta, CEO and sole shareholder of Landry’s Inc., will start in a show titled “Billion Dollar Buyer,” premiering at 7 p.m. on CNBC on Tuesday and repeated at 10 p.m. In the show, Fertitta travels across the country, meeting potential suppliers for his Landry’s chain of restaurants, hotels and casinos.

The premise and drama of the show is that Fertitta could make small businesses big with one life-changing order. He will meet with two potential suppliers in the hourlong show. One of the episodes was shot in Las Vegas where Fertitta owns the Golden Nugget, Morton’s The Steakhouse, Mastro’s Ocean Club, Grotto, Bubba Gump Shrimp Co., Chart House, Rainforest Cafe, and others.

Fertitta said he’s done guest appearances on CNBC for years, and its executives mentioned programs they were developing for prime time and how they liked his “range of personality” and would like to do something with him. He’s rejected some concepts before opting to do this show, which started shooting in December with six episodes complete. Casting of business owners has started for the nexts shows, he said.

“It’s fun because you’re working with small companies, and you’re mentoring them and teaching them how to scale up their business,” Fertitta said.

Fertitta said no one should compare the show to Donald Trump’s “The Apprentice” or “The Shark Tank,” or any other reality business-related show. It’s educational and fun and people will learn something about business when they watch, he said.

“It’s unlike any other show because it’s not in a studio, and its fast-moving and it’s just me dealing with these small companies,” Fertitta said.

Landry’s buys everything from playing cards for casinos to 20 million pounds of shrimp and outdoor furniture, Fertitta said. The retail division of Landry’s does $100 million in business alone, he said.

In each hourlong episode, Fertitta will spend time with two small businesses, sample their goods, get to know the owners, and assess their compatibility with Landry’s, according to the show’s storyline. Fertitta will point out flaws in their product and operations, share his expertise, and push for improvements. In the end, he’ll decide whether to place a transformative purchase order.

“I wouldn’t call it a competition because from any show I might buy from both in the show, buy from none or from one of the two,” Fertitta said. “You never know until the end and that’s the story.”

His father and the late Frank Fertitta Jr. — father of Station Casinos owners Frank Fertitta III and Lorenzo Fertitta — were first cousins, making Tilman a third cousin to Frank and Lorenzo.

As for advice he gives people on building their business and making it successful, Fertitta said it’s important to know all aspects of your business. That means financial, operations and sales and marketing.

“Everybody thinks if they know one of the three they can be successful, but you have to know all parts of the business,” Fertitta said.

In his career, Fertitta has sold Shaklee vitamins and started a construction and development business. He partnered in opening the first Landry’s in Houston in 1980 and became sole owner in 1988.

As for what business people should follow, Fertitta said there’s competition in everything, and it’s about doing a better job than the next guy. And it’s never too late if you’re in your 50s because you know a lot more than you did at 20, added Fertitta who’s 58.

The key to gaining wealth?

“You usually don’t gamble at a casino in Vegas No. 1,” Fertitta said with a chuckle. “You’ve got to find a niche. I think you’re better off serving the masses and not the classes because there’s a lot more of the masses out there. Find a product that people want to use. Don’t come up with a product that people aren’t going to use.”

Fertitta, who’s based in Houston, said the region’s economy is soft with the slide in the oil market, but it’s still good around the country, including Las Vegas.

“Everything in Vegas is doing really well right now,” Fertitta said. “I don’t think it’s really back to where it was, but it’s getting really close.”

What’s “moving the needle” in Las Vegas for large gaming properties is the resort fee, Fertitta said.

“When you start charging $30 on every room that you rent, it becomes a big number,” Fertitta said. “Companies like MGM and Harrah’s are taking in more than $100 million just on the resort fee.”

Despite the bounceback in Las Vegas, Fertitta said there’s no need for any more casinos. He said there’s plenty of choices and Las Vegas needs to focus on deferred maintenance and improving existing properties. Fertitta spends about 25 to 30 days a years at his suite at the top of a Golden Nugget tower.

“I don’t think we need to build anything more until the economy gets stronger,” said Fertitta who added there’s some uncertainty about the nation’s economy. “People are all over the map. We could be going into a downspin again next year or the year after or the end of this year. It’s scary.”

Unlike his fellow billionaire in Trump, Fertitta has no interest in being on the presidential ballot. That doesn’t mean he’s not involved in the political arena as chairman of the Board of Regents of the University of Houston System via gubernatorial appointment.

“Never,” Fertitta said about running for president. “I like my time too much, and you can’t be honest.”