Houston Billionaire Tilman Fertitta laid off 45,000 employees quickly as a 'favor'

Tilman Fertitta, owner of Landry's, Inc., and the Houston Rockets, poses for a portrait in his office. Fertitta's Post Oak Hotel first circulated, then rescinded, a memo notifying employees that their benefits would be cut as restaurants have had to shut down. less Tilman Fertitta, owner of Landry's, Inc., and the Houston Rockets, poses for a portrait in his office. Fertitta's Post Oak Hotel first circulated, then rescinded, a memo notifying employees that their benefits ... more Photo: Jon Shapley, Houston Chronicle / Staff Photographer Photo: Jon Shapley, Houston Chronicle / Staff Photographer Image 1 of / 51 Caption Close Houston Billionaire Tilman Fertitta laid off 45,000 employees quickly as a 'favor' 1 / 51 Back to Gallery

Houston billionaire restaurateur Tilman Fertitta told FOX News' guest host Brian Kilmeade that he laid off 45,000 workers as a 'favor" to help them access unemployment benefits earlier.

"You know, Brian, I went through the '87 crisis, the 2000, the 2008," Fertitta said Saturday on FOX News' Ingraham Angle. "You’re doing the people a favor if you get them furloughed first, because you have them first to unemployment line after the severance that you give them. It’s a trick that I’ve learned many years ago."

Fertitta's vast portfolio includes ownership of NBA's Houston Rockets. His estimated net worth according to Forbes now stands at $4.8 billion, making him at the 44th wealthiest person in the world.

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"It’s just unimaginable," Fertitta added. "We've all had to do little layoffs over the year. But you have to basically shut down the whole company. When you think of having amusement parks, aquariums, a basketball team, casinos all over the world—and nothing is open. It’s just like a sci-fi movie you’d never believe."

When Fertitta was asked about how much cash was needed to sustain his empire, he gave Kilmeade a straight-forward breakdown of expenditures.

"This is what people don't understand, is that we all pay today, yesterday's bills with today's money," Fertitta said. "And when we just got shut down in a 48-hour period, you still have a payroll and severance, $100 million for me because my payroll is $1.5 billion a year."

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Fertitta added that when the city of Houston was shut down, he thought it was premature at first.

"But they were 100% right, and we've got to do this to the end of this month, and we've got to start opening up in May, not only on the financial side, but on the mental health side is huge."

alison.medley@chron.com