Scott Mlyn | CNBC
Billionaire Tilman Fertitta told CNBC on Friday that his restaurant empire is losing an average of about $1 million per day in sales due to the coronavirus.
“Remember, that last million in sales is your most profitable sales. It’s just like any business,” said Fertitta, chairman and CEO of Landry’s, which owns and operates more than 600 restaurants across the world. “That’s where your heavy profit is.”
The average loss of $1 million per day comes from a base of sales around $12 million, Fertitta said on “Power Lunch.”
Fertitta, whose restaurant brands include Bubba Gump Shrimp Co. and Morton’s The Steakhouse, said the impact is most acutely felt in two areas: urban areas and popular tourist locations.
The decline in sales is likely linked to business conferences being canceled across the country, said Fertitta, whose vast entertainment business operation gives him strong insights into the pulse of consumers.
On the other hand, restaurant…