Smith & Wollensky has agreed to be bought by Los Angeles-based Patina Group, reports the New York Post. The deal is worth $79.5 million.

S&W founder and CEO Alan Stillman will keep his New York City restaurants: Smith & Wollensky, Cité, Maloney & Porcelli, , the Park Avenue Cafe, Quality Meats and the Post House. As for Las Vegas, the deal adds the local steakhouse to the group's Pinot Brasserie in the Venetian. 

The $9.25-a-share offer from Patina tops a $7.50-a-share bid made last month by Landry's Restaurant group, which The Golden Nugget. Patina was formed in October when Restaurant Associates chief Nick Valenti and Joachim Splichal, chef and founder of Patina Group, bought it from Compass Group Plc.

The big question now is how to make money. S&W has been losing money for the last five years. Part of the problem is that steak houses are a dime a dozen in cities like New York … and Las Vegas come to think of it. So we'll have to see how they add value and sizzle to the beef.