Tilman Fertitta's golden online gaming casino officially sold to major sports company

done deal

Fertitta just had an exit of one of his companies. Photo by J. Thomas Ford

The acquisition of Tilman Feritta’s Golden Nugget Online Gaming, Inc. (Nasdaq: GNOG) by digital sports entertainment and gaming company DraftKings Inc. (Nasdaq: DKNG) is complete.

DraftKings announced that it has completed the acquisition, worth at approximately $1.6 billion (dubbed the “GNOG Acquisition”) on Thursday, May 5.

“This will be an alliance unlike any other in the digital sports, entertainment and online gaming industry,” Fertitta said in a statement . “Now that the acquisition is completed, I look forward to what the future will bring for our combined company and am confident this relationship will be a huge success.”

DraftKings notes in a press release that this GNOG Acquisition will allow the company to leverage Golden Nugget’s established brand to “broaden its reach into new customer segments and enhance the combined company’s iGaming product offerings through DraftKings’ vertically integrated tech stack and Golden Nugget Online Gaming’s unique capabilities – including Live Dealer.”

Notably, the GNOG Acquisition will not include brick and mortar Golden Nugget casinos; Fertitta will maintain ownership of those entities.

The GNOG Acquisition will deliver “significant” benefits to DraftKings, as well as expected savings of $300 million, a release notes. The company aims to deploy a multi-brand approach meant to enhance cross-selling opportunities and drive increased revenue.

Additionally, DraftKings and Fertitta Entertainment expect to rebrand some current and future retail sportsbook locations at Fertitta Entertainment-owned Golden Nugget properties into DraftKings sportsbooks.

As CultureMap previously reported, DraftKings' agreement with Fertitta Entertainment will provide for it to become the exclusive daily fantasy sports, sports betting, and iGaming partner of the Houston Rockets. Additionally, if sports betting becomes legal in Texas, DraftKings will open a sportsbook at the Toyota Center.

As the Houston Chroniclereports, DraftKings, headquartered in Boston, more than doubled its revenues to nearly $1.3 billion in 2021 from about $615 million in 2020, according to SEC filings. Its net loss widened to about $1.5 billion from $1.2 billion in 2020.

“Acquiring Golden Nugget Online Gaming gives us synergies across our business,” said Jason Robins, chairman and CEO of DraftKings, in a statement. “We anticipate that this acquisition will provide meaningful revenue uplift by utilizing our data-driven marketing capabilities and a dual brand iGaming strategy, gross margin improvement opportunities, and cost savings across external marketing and SG&A. I am proud to welcome the Golden Nugget Online Gaming team to the DraftKings family.”

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This article originally ran on CultureMap.

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Tilman Fertitta's online gambling biz has changed hands.Photo by J. Thomas Ford

Houston businessman sells online gaming casino in $1.56B deal with fantasy sports tech company

m&a

DraftKings, the nationally renown fantasy sports and online sportsbook company (Nasdaq: DKNG), announced it will acquire Houston billionaire Tilman Fertitta's Golden Nugget Online Gaming, Inc. (Nasdaq: GNOG) in an all-stock transaction valued at $1.56 billion. In addition, DraftKings has reached an agreement with Fertitta Entertainment on a partnership with the Houston Rockets, Golden Nugget casinos, and the Landry's vast network of restaurants.

"Our acquisition of Golden Nugget Online Gaming, a brand synonymous with iGaming and entertainment, will enhance our ability to instantly reach a broader consumer base, including Golden Nugget's loyal 'iGaming-first' customers," Jason Robins, DraftKings' CEO and chairman of the board, said in a statement. "We look forward to Tilman being an active member of our Board and one of our largest shareholders."

Golden Nugget Online Gaming began operating in New Jersey in 2013. The company offers online gaming such as blackjack and slot machines that are accessible by computers, tablets, and smartphones. Live dealers enhance the experience for players.

Fertitta took Golden Nugget Online Gaming public in 2020. At the time, the deal valued the company at approximately $745 million. Fertitta currently owns approximately 46 percent of the shares in GNOG, according to a press release, and serves as its chairman and CEO.

"This transaction will add great value to the shareholders as two market leaders merge into a leading global player in digital sports, entertainment and online gaming," Fertitta said. "We believe that DraftKings is one of the leading players in this burgeoning space and couldn't be more excited to lock arms with Jason and the DraftKings family across our entire portfolio of assets, including the Houston Rockets, the Golden Nugget casinos, and Landry's vast portfolio of restaurants. This is a strong commercial agreement for both companies."

DraftKings' agreement with Fertitta Entertainment will provide for it to become the exclusive daily fantasy sports, sports betting, and iGaming partner of the Houston Rockets. Additionally, if sports betting becomes legal in Texas, DraftKings will open a sportsbook at the Toyota Center.

The boards of directors of both directors of both companies have approved the transaction, which is subject to regulatory approvals. It is expected to close in the first quarter of 2022.

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This article originally ran on CultureMap.

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18 Houstonians land on Forbes world's billionaires list for 2025

World's Richest

The world’s richest people are wealthier now than they've ever been, and more billionaires have made it onto the 2025 World's Billionaires List than ever before, according to Forbes. This year, 18 Houston-based billionaires are among the richest people in the world, with hospitality honcho Tilman Fertitta leading as the richest Houstonian.

Fertitta, 67, ranked No. 220 overall with an estimated net worth of $11.3 billion, which steadily increased from his 2024 net worth of $9.4 billion.

In addition to owning the Houston Rockets, the busy billionaire owns Texas-based hospitality and entertainment corporation Landry's, and he authored a book about business leadership in 2019. He most recently was nominated as the new United States ambassador to Italy by President Donald Trump.

Ranking 248th overall is oil and gas chairmanRichard Kinder. Forbes estimates his net worth at $10.6 billion, up from $8.1 billion in 2024.

Kinder cofounded pipeline giant Kinder Morgan in 1997, and stepped down as CEO in 2015, though he still retains his seat as chairman of the board. The company is the largest energy infrastructure firm in the U.S., Forbes says, and it owns 79,000 miles of pipeline.

New to the 2025 list is Perry Homes executive chair Kathy Britton, whose company has built over 65,000 homes across the U.S., according to Forbes. Her late father, Bob Perry, founded Perry Homes in 1967. Britton ranked No. 1408 with an estimated net worth of $2.6 billion.

Mercedes-Benz mega-dealer Joe Agresti is another newbie to the list, ranking No. 2790 with a net worth of $1.1 billion. He owns Dream Motor Group with former football coach Nick Saban.

14 additional Houston-area billionaires that made Forbes 2025 world’s richest list are:

  • Houston pipeline heir Randa Duncan Williams: ranked No. 307 with an estimated net worth of $9.3 billion, up from $7.7 billion in 2024. Fellow pipeline heirs Dannine Avara and Milane Frantz tie for 311th nationally. Each has an estimated net worth of $9.2 billion, up from $7.6 billion. Scott Duncan ranks No. 329 with a $9 billion estimated net worth, up from $7.6 billion in 2024.
  • Houston oil tycoon Jeffery Hildebrand: ties for No. 411; $7.7 billion, down from $12.6 billion
  • Toyota mega-dealer Dan Friedkin: ties for No. 411; $7.7 billion, up from $6.4 billion
  • Houston Texans owner Janice McNair and family: No. 561, $6.2 billion, up from $5.6 billion
  • Energy exploration chief exec George Bishop: No. 717, $5 billion, up from $3.2 billion (based in The Woodlands)
  • Westlake Corporation co-owners Albert Chao, James Chao and their families:tied for No. 902, $4 billion, down from $4.9 billion
  • Hedge fund honcho John Arnold: No. 1266, $2.9 billion, down from $3.3 billion
  • Houston Astros owner Jim Crane: No. 1513, $2.4 billion, unchanged from 2024
  • Former Houston Rockets owner Leslie Alexander: tied for No. 1850, $1.9 billion, unchanged from 2024
  • Frontier Airlines chairman William Franke: No. 2623, $1.2 billion, down from $1.3 billion

Elsewhere in Texas, Austin-based billionaire Elon Musk topped Forbes' list as the world's richest person in 2025. The Tesla and SpaceX founder knocked French luxury goods magnate Bernard Arnault down to second place this year.

Forbes declared Musk the first person to reach the $300 billion status. His current net worth stands at $342 billion, which is a staggering $147 billion more than his 2024 net worth.

"It’s another record-breaking year for the world’s richest people, despite financial uncertainty for many and geopolitical tensions on the rise," said Forbes senior editor of wealth Chase Peterson-Withorn. "And, from Elon Musk to Howard Lutnick and the other billionaires taking over the U.S. government, they’re growing more and more powerful."

In Dallas-Fort Worth, Walmart heiress Alice Walton became the wealthiest woman in the world in 2025. Forbes declared Walton's net worth at $101 billion, which is $28.7 billion more than her 2024 net worth of $72.3 billion. She is now one of 15 individuals to claim 12-figure fortunes, also known as the "$100 Billion Club."

State-of-the-art innovation hub opens in Houston Energy Corridor

flagship facility

French multinational company Schneider Electric has opened a new 10,500-square-foot, state-of-the-art Energy Innovation Center in Houston.

The new facility is located in Houston’s Energy Corridor and is designed to “foster increased collaboration and technological advancements across the entire value chain,” according to a news release from the company. The new Houston location joins Schneider's existing innovation hubs in Paris, Singapore and Bangalore.

The venue will serve as a training center for process control engineers, production superintendents, manufacturing managers, technical leads and plant operations personnel. It can simulate various real-world scenarios in refineries, combined-cycle power plants, ethylene plants, recovery boilers and chemical reactors.

It includes an interactive control room and artificial Intelligence applications that “highlight the future of industrial automation,” according to the release.

"Digitalization is significantly enhancing the global competitiveness of the U.S. through continuous innovation and increased investment into next-generation technology," Aamir Paul, Schneider Electric's President of North America Operations, said in the release.

Texas has over 4,100 Schneider Electric employees, the most among U.S. states, and has facilities in El Paso, the Dallas-Fort Worth metroplex and other areas.

"This flagship facility in the Energy Capital of the World underscores our commitment to driving the future of software-defined automation for our customers in Houston and beyond,” Paul added in the release. “With this announcement, we are excited to continue supporting the nation's ambitions around competitive, efficient and cost-effective manufacturing."

Schneider Electric says the new Houston facility is part of its expansion plans in the U.S. The company plans to invest over $700 million in its U.S. operations through 2027, which also includes an expansion at its El Paso campus.

The company also announced plans to invest in solar and battery storage systems developed, built, and operated by Houston-based ENGIE North America last year. Read more here.

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This story first appeared on our sister site, EnergyCapitalHTX.com.

9 can't-miss Houston business and innovation events for April

where to be

Two new conferences will launch while another longtime business competition celebrates its 25th anniversary this month in Houston. Plus, there are networking opportunities, family tech events and more.

Here are the Houston business and innovation events you can't miss in April and how to register. Please note: this article might be updated to add more events.

​Ion Block Party: Art Crawl

Network and socialize with other tech enthusiasts and business-minded individuals while taking in the new gallery at Community Artists’ Collective and experiencing the immersive dome at Omnispace360. See work by Joel Zika, who will showcase his digital sculptures through augmented reality screens, and other public art around the Ion while also enjoying food and drink.

This event is Thursday, April 3, from 4-7 p.m. at the Ion. Click here to register.

​CLA Presents: Raising Capital over Happy Hour

Gain a better understanding of the capital-raising process and various funding opportunities at this educational happy hour. Keith Davidson, the market leader for CLA in Dallas and former CFO of ICS, will present.

This event is Thursday, April 10, from 4-6 p.m. at The Cannon. Click here to register.

Rice Business Plan Competition 

The Rice Alliance for Technology and Entrepreneurship will host the 25th annual Rice Business Plan Competition this month. Forty-two student-led teams from around the world, including one team from Rice, will present their plans before more than 300 angel, venture capital, and corporate investors to compete for more than $1 million in prizes.

This event is April 10-12. Stream the Elevator Pitch Competition and Final Round here.

RSVF Annual Conference

The Rice Student Venture Fund will host its first-ever Annual Conference to celebrate the university's entrepreneurial spirit and the rising generation of student-led innovation. The conference will include live startup demos, an RSVF fund update, a keynote fireside chat, a builder-investor panel and networking. RSVF welcomes students, alumni, investors, faculty and staff, and innovators and community members of the broader tech scene.

This event is Monday, April 14, from 4-8 p.m. at the Ion. Click here to register.

​TEX-E Conference

TEX-E will host its inaugural conference this month under the theme "Energy & Entrepreneurship: Navigating the Future of Climate Tech." The half-day conference will feature a keynote from Artemis Energy Partners CEO Bobby Tudor as well as panels with other energy and tech leaders from NRG, Microsoft, GE Vernova and TEB Tech.

This event is Tuesday, April 15, from 1-4:30 p.m. at the Ion. Click here to register.

Houston Methodist Leadership Speaker Series 

Hear from Dr. Jonathan Rogg, Chief Quality Officer and Vice President of Operations at Houston Methodist Hospital and a a practicing emergency medicine physician, at the latest Houston Methodist Leadership Speaker Series. Rogg will present "Leadership from the Bedside to the Boardroom."

This event is on Wednesday, April 23, from 4:45-6 p.m. at the Ion. Click here to register.

Ion Family STEAM Day– Let's Build a Tripwire Alarm

STEAM on Demand will host a hands-on, family-friendly engineering lesson for young ones on the Ion Forum Stairs. Kids will learn to create and test their own working alarm system. The event is geared toward those ages 7 to 14.

This event is Sunday, April 26, from 10 a.m. to noon at the Ion. Click here to register.

 Greentown Houston Fourth Anniversary Transition On Tap

Climatetech incubator Greentown Labs will celebrate its fourth anniversary with a special edition of its signature networking event, Transition On Tap. Entrepreneurs, investors, students, and friends of climatetech are invited to attend.

This event is Tuesday, April 29, from 5:30-7:30 p.m. at Greentown Labs. Click here to register.

Integrate Space Technology Into Your Small Biz

The SBA Houston District Office and the UH Technology Bridge will host a collaborative event designed to help small businesses leverage space technology for prototype development. Attendees will also hear from industry experts on resources and gain access free technical engineering assistance to help accelerate their businesses.

This event is Wednesday, April 30, from 9:30-11:30 a.m. at UH Technology Bridge Innovation Center. Click here to reserve your spot.

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