<PAGE>

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                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                               ----------------

                                  FORM 10-KA

[X]ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
   ACT OF 1934

                                      OR

[_]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
   EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 1999    Commission file number 000-22150

                               ----------------

                      LANDRY'S SEAFOOD RESTAURANTS, INC.
          (Exact name of the registrant as specified in its charter)

              DELAWARE                                 76-0405386
       (State of incorporation)            (I.R.S. Employer Identification No.)

        1400 POST OAK BLVD.,                         (713) 850-1010
             SUITE 1010                      (Registrant's telephone number)
          HOUSTON, TX 77056
   (Address of principal executive
               offices)

       SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT: NONE

          SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:
                    COMMON SHARES, PAR VALUE $.01 PER SHARE
                               (Title of Class)

                               ----------------

  Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 of 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes [X]  No [_]

  Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [_]

  The aggregate market value of the registrant's voting Common Stock held by
non-affiliates of the registrant was approximately $138,500,000 as of February
29, 2000, based on the New York Stock Exchange closing price on that date. For
this purpose, all shares held by officers and directors of the registrant are
considered to be held by affiliates, but neither the registrant nor such
persons concede that they are affiliates of the registrants.

  The number of shares outstanding of the registrant's common stock is
24,824,121 as of February 29, 2000.

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<PAGE>

  The Registrant hereby amends the following items of its Form 10-K for the
fiscal year ended December 31, 1999 filed with the Securities and Exchange
Commission on March 3, 2000:

                                   PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

  The Board of Directors consists of five members.

<TABLE>
<CAPTION>
                                                                DIRECTOR  TERM
                           NAME                             AGE  SINCE   EXPIRES
                           ----                             --- -------- -------
<S>                                                         <C> <C>      <C>
Current Member
 Tilman J. Fertitta (3)(4).................................  42   1993    2000
 Steven L. Scheinthal (3)..................................  38   1993    2000
 Paul S. West (3)..........................................  41   1994    2000
 James E. Masucci (1)(2)...................................  67   1993    2000
 Joe Max Taylor (1)(2)(4)..................................  67   1993    2000
</TABLE>
--------
(1) Member of Audit Committee
(2) Member of Compensation and Stock Option Committee
(3) Member of Executive Committee
(4) Member of Nominating Committee

  Mr. Fertitta has served as President and Chief Executive Officer of the
Company since 1987. In 1988, he became the controlling stockholder and assumed
full responsibility for all of the Company's operations. Prior to serving as
President and Chief Executive Officer of the Company, Mr. Fertitta devoted his
full time to the control and operation of a hospitality and development
company. Mr. Fertitta serves on the boards of the Houston Livestock Show and
Rodeo, Space Center Houston, the Children's Museum of Houston, The Greater
Houston Convention and Visitor's Bureau, the Crohn's and Colitis Foundation,
the Better Business Bureau of Houston, and the Childress Foundation.

  Mr. Scheinthal has served as Vice President of Administration, General
Counsel and Secretary to the Company since September 1992. He devotes a
substantial amount of time to lease and contract negotiations and is primarily
responsible for the Company's compliance with all federal, state and local
ordinances. Prior to joining the Company, he was a partner in the law firm of
Stumpf & Falgout in Houston, Texas. Mr. Scheinthal represented the Company for
approximately five years before joining the Company. He has been licensed to
practice law in the state of Texas since 1984.

  Mr. West has served as Vice President of Finance and Chief Financial Officer
of the Company since June 1993. Prior to joining the Company, Mr. West was a
senior manager at Deloitte & Touche and a leader of their
Restaurant/Entertainment Advisors Group in Dallas, Texas. He was responsible
for numerous restaurant audits and performed the annual restaurant industry
operations survey and study on behalf of the National Restaurant Association
and many state restaurant associations. Mr. West had been engaged in public
accounting and auditing since 1981, and has been a certified public accountant
since 1983.

  Mr. Masucci is self-employed as an advertising consultant. From 1956 until
June 1996 he was employed by Capital Cities/ABC ("ABC"). His last position
with ABC was as President and General Manager of KTRK-TV, an ABC owned station
in Houston, Texas, a position he held from August 1990 to June 1996. Prior to
serving as President, Mr. Masucci served in various executive positions with
KTRK-TV and has served as Division Vice President and Vice President of the
Broadcast Division of ABC.

  Mr. Taylor is a director and member of the Executive Committee of American
National Insurance Company, a publicly traded insurance company. He also
serves on the Board and Audit Committee of the Transitional Learning Center of
Galveston and is President and a member of the Executive Committee of Moody
Gardens,

                                       2
<PAGE>

Inc., which operates a public resort and entertainment facility in Galveston,
Texas. Mr. Taylor is also the chief law enforcement administrator for
Galveston County, Texas and serves on the Galveston County Pre-Trial Board as
well as the Board of Directors of Harbourview Care Center.

  There were seven meetings of the Board of Directors held during 1999. All of
the current Board members attended 75% or more of the meetings of the Board
and committees of the Board on which they were members.

                              EXECUTIVE OFFICERS

  In addition to Messrs. Fertitta, Scheinthal and West, for which information
is provided above, the following person is an executive officer of the
Company.

<TABLE>
<CAPTION>
                NAME              AGE                  POSITION
                ----              ---                  --------
   <S>                            <C>  <C>
   Richard E. Ervin..............  44   Vice President of Restaurant Operations
</TABLE>

  Mr. Ervin has served as Vice President of Restaurant Operations since 1991.
Prior to that time, he was the Vice President of Internal Controls and
Director of Beverage Operations. He has 16 years of experience in high volume,
multi-unit food and beverage operations. His experience includes new
restaurant development and employee training programs.

                     COMMITTEES OF THE BOARD OF DIRECTORS

  The Company has an Executive Committee, an Audit Committee, a Compensation
Committee, a Nominating Committee and a Stock Option Committee. The Executive
Committee has and may exercise all of the authority of the Board of Directors
with respect to the management of the Company's business, except with respect
to certain specified matters that by law, the Articles of Incorporation or By-
Laws must be approved by the entire Board of Directors. The Executive
Committee met six times during 1999. All actions taken by the Executive
Committee were ratified unanimously by the Board of Directors. The Audit
Committee is responsible for (i) reviewing the scope of, and the fees for, the
annual audit, (ii) reviewing with the independent accountants the corporate
accounting practices and policies and recommending to whom reports should be
submitted within the Company, (iii) reviewing with the independent accountants
their final report, (iv) meeting with internal and independent accountants
during the year for consulting purposes. The Audit Committee met on two
occasions in 1999. The Compensation Committee determines the compensation of
the officers of the Company and performs other similar functions. The
Compensation Committee met on two occasions in 1999. The Stock Option
Committee grants options under the Company's Stock Option Plans and also
determines whether additional options should be granted to deserving key
employees. The Stock Option Committee met on two occasions in 1999. The
Nominating Committee selects appropriate candidates to be recommended to the
full Board of Directors and the stockholders for election as directors. The
Nominating Committee met once during 1999.

            SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

  Section 16(a) of the Securities Exchange Act of 1934, as amended, requires
the Company's directors, executive officers and holders of more than 10% of
the Common Stock to file with the Securities and Exchange Commission (the
"SEC") initial reports of ownership and reports of changes in ownership of
Common Stock. The Company believes, based solely on a review of the copies of
such reports furnished to the Company and written representations that no
other reports were required and that during the preceding fiscal year all of
the Company's directors, officers and holders of more than 10% of its Common
Stock complied with all Section 16(a) filing requirements, except that Mr.
Taylor and Mr. Masucci failed to timely file a Form 4 required to be filed
during 1999. Such reports have been filed with the SEC.

                                       3
<PAGE>

ITEM 11. EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION

  The following table sets forth in summary, compensation paid by the Company
and its subsidiaries for the year ended December 31, 1999 to executive
officers of the Company whose cash compensation exceeded $100,000:

                          SUMMARY COMPENSATION TABLE

<TABLE>
<CAPTION>
                                                                    LONG TERM
                                             ANNUAL COMPENSATION   COMPENSATION
                                           ----------------------- ------------
                                                                    SECURITIES
                                                            BONUS   UNDERLYING
       NAME AND PRINCIPAL POSITION         YEAR SALARY ($) ($)(1)  OPTIONS (#)
       ---------------------------         ---- ---------- ------- ------------
<S>                                        <C>  <C>        <C>     <C>
Tilman J. Fertitta (3).................... 1999  585,000   315,000         0
 President and Chief Executive Officer     1998  578,142         0   900,000
                                           1997  525,000   325,000   750,000

Steven L. Scheinthal (2).................. 1999  188,461   115,000         0
 Vice President of Administration,
 Secretary                                 1998  182,788         0   200,000
 and General Counsel                       1997  165,000   125,000    75,000

Paul S. West (2).......................... 1999  180,000   115,000         0
 Vice President of Finance and Chief
  Financial Officer                        1998  177,692         0   200,000
                                           1997  160,000   125,000    50,000

Richard E. Ervin (2)...................... 1999  131,723    75,000         0
 Vice President of Restaurant Operations   1998  117,981         0   125,000
                                           1997  105,000    75,000   325,000
</TABLE>
--------
(1) Bonuses were paid in the year after date indicated in table to reflect
    accomplishments in the year indicated.
(2) These executive officers received personal benefits in addition to salary.
    However, the Company has concluded that the aggregate amount of such
    personal benefits do not exceed the lesser of $50,000 or 10% of annual
    salary and bonus reported for each such executive.
(3) Mr. Fertitta received expense reimbursements totaling $74,000.

  The following table provides details regarding stock options granted in 1999
to executive officers named in the Summary Compensation Table. In addition, in
accordance with SEC rules, the hypothetical gains are shown that would exist
for the respective options based on assumed rates of annual compounded growth
in the stock price of 5% and 10% from the date the options were granted over
the full option term. The actual value, if any, an executive may realize will
depend on the spread between the market price and the exercise price on the
date the options are exercised.

                       OPTION GRANTS IN LAST FISCAL YEAR
<TABLE>
<CAPTION>
                                    INDIVIDUAL GRANTS
                         ----------------------------------------
                                                                    POTENTIAL
                                                                    REALIZABLE
                                                                     VALUE AT
                                                                  ASSUMED ANNUAL
                                      % OF                        RATES OF STOCK
                           NO. OF     TOTAL                           PRICE
                         SECURITIES  OPTIONS                       APPRECIATION
                         UNDERLYING  GRANTED                        FOR OPTION
                          OPTIONS      TO     EXERCISE                 TERM
                         GRANTED IN EMPLOYEES  PRICE   EXPIRATION --------------
          NAME              1999     IN 1999   ($/SH)     DATE    5% ($) 10% ($)
          ----           ---------- --------- -------- ---------- ------ -------
<S>                      <C>        <C>       <C>      <C>        <C>    <C>
Tilman J. Fertitta......    -0-         0%      N/A        --       --      --
Steven L. Scheinthal....    -0-         0%      N/A        --       --      --
Paul S. West............    -0-         0%      N/A        --       --      --
Richard E. Ervin........    -0-         0%      N/A        --       --      --
</TABLE>


                                       4
<PAGE>

  The following table shows the number of shares acquired upon exercise of
stock options in 1999, the value realized and the number of shares covered by
both exercisable and unexercisable stock options held by executive officers
named in the Summary Compensation Table at December 31, 1999. Also reported
are the value for the "in-the-money" options which represent the positive
spread between the exercise price of any such existing stock option and the
price of the Common Stock as of December 31, 1999.

               AGGREGATED OPTIONS EXERCISED IN LAST FISCAL YEAR
                     AND FISCAL YEAR END OPTION/SAR VALUES

<TABLE>
<CAPTION>
                                                                         VALUE OF UNEXERCISED
                          SHARES               NUMBER OF UNEXERCISED     IN-THE-MONEY OPTIONS
                         ACQUIRED   VALUE     OPTIONS AT END OF 1999       AT END OF 1999(1)
                            ON     REALIZED  ------------------------- -------------------------
          NAME           EXERCISE    ($)     EXERCISABLE UNEXERCISABLE EXERCISABLE UNEXERCISABLE
          ----           -------- ---------- ----------- ------------- ----------- -------------
<S>                      <C>      <C>        <C>         <C>           <C>         <C>
Tilman J. Fertitta...... 900,000  $2,418,750   800,000      100,000      $   -0-     $    -0-
Steven L. Scheinthal....      --          --    66,000      250,000      $   -0-     $537,500
Paul S. West............      --          --    64,000      250,000      $   -0-     $537,500
Richard E. Ervin........      --          --    41,667      160,333      $16,125     $335,938
</TABLE>
--------
(1) The values were determined on the basis of the closing Common Stock price
    of $8.6875 on December 31, 1999, and equals the aggregate amount by which
    the market value of the option shares exceeded the exercise price of
    outstanding options.

                           COMPENSATION OF DIRECTORS

  Directors of the Company who are not executive officers received Director's
fees of $18,000 per year, plus the expenses incurred by them on behalf of the
Company in 1999. Non-employee Directors also receive $1,000 for each Audit,
Compensation, Building and Stock Option Committee meeting they attend. Each
current non-employee director has received stock options to acquire shares of
Common Stock under the Company's Non-Qualified Formula Stock Option Plan for
Non-Employee Directors (the "Non-Employee Director's Plan"). The Non-Employee
Director's Plan provides for the granting of nonqualified stock options to
non-employee directors of the Company. Pursuant to the Non-Employee Director's
Plan, 80,000 shares of Common Stock are reserved for issuance to eligible non-
employee directors of the Company or its subsidiaries. The Non-Employee
Director's Plan is administered by the President of the Company and requires
that the purchase price under each option must not be less than 100% of the
fair market value (as defined in the Non-Employee Director's Plan) of the
Common Stock at the time of the grant of the option. Full payment for shares
purchased upon exercise of an option must be made at the time of exercise and
no shares may be issued until full payment is made. Options granted pursuant
to the Non-Employee Director's Plan generally vest in five installments
beginning no earlier than the first anniversary of the date of grant, and the
options expire ten years from the grant date. The Non-Employee Director's Plan
provides that an option agreement may include a provision for permitting an
optionee the right to deliver previously owned shares of Common Stock in
partial or full payment for shares to be purchased upon exercise of an option.
In 1995, the Director's Plan was amended to provide that each non-employee
director who received a grant of an option on the date such person was elected
a director would receive an additional option in the amount of 2,000 shares
each time such person was elected for an additional term as a director.
Pursuant to the Non-Employee Director's Plan, each current non-employee
director initially received an option to purchase 10,000 shares of Common
Stock at $6 per share and received options to purchase an aggregate of 8,000
shares at any average price of $20.96 upon their re-elections in 1995 through
1998. In 1999, they received options to acquire 2,000 shares at a price of
$7.69 per share. In 1999, in connection with their positions as Director as
well as their functions as members of Committees of Non-Employee Independent
Directors, Messrs. Masucci and Taylor were each paid $45,000.

                                       5
<PAGE>

            COMPENSATION COMMITTEE REPORT ON EXECUTIVE COMPENSATION

  In August 1993, the Board of Directors established a Compensation Committee
to review and approve the compensation levels of members of management,
evaluate the performance of management, consider management succession and
consider any related matters for the Company. The Committee is charged with
reviewing with the Board of Directors in detail all aspects of compensation
for the executive officers of the Company.

  The philosophy of the Company's compensation program is to employ, retain
and reward executives capable of leading the Company in achieving its business
objectives. These objectives include creating and preserving strong financial
performance, increasing the assets of the Company, positioning the Company's
assets and business operations in geographic markets and industry segments
offering long-term growth opportunities, enhancing stockholder value, and
ensuring the survival of the Company. The accomplishment of these objectives
is measured against conditions prevalent in the industry within which the
Company operates. In recent years these conditions reflect a highly
competitive market environment and rapidly changing regional geographic and
overall industry market conditions.

  The available forms of executive compensation include base salary, cash
bonus awards and stock options. Each component is intended to serve the
Compensation Committee's philosophy; however, performance of the Company is a
key consideration. The Company's compensation policy recognizes, however, that
stock price performance is only one measure of performance and, given industry
business conditions and the long term strategic direction and goals of the
Company, it may not necessarily be the best current measure of executive
performance. Therefore, the Company's compensation policy also gives
consideration to the Company's achievement of specified business objectives
when determining executive officer compensation. An additional objective of
the Compensation Committee has been to reward executive officers with equity
compensation in addition to salary in keeping with the Company's overall
compensation philosophy, which attempts to place equity in the hands of its
key employees in an effort to further instill stockholder considerations and
values in the actions of all the key employees and executive officers.

  In furtherance of the Company's compensation philosophy and goal of
employing, retaining and rewarding its executives who have demonstrated a
desire and ability to lead the Company in the pursuit of its business
objectives, the Company entered into Personal Service and Employment
Agreements with the CEO and with Steven L. Scheinthal, Paul S. West and
Richard E. Ervin (Messrs. Scheinthal, West and Ervin are collectively referred
to as the "Additional Executives"). The employment agreements, which are
discussed in more detail below, became effective as of January 1, 1998 and
established the framework for the initial base salary payable to the CEO and
each of the Additional Executives in 1999, established the number of options
available to the CEO and each of the Additional Executives, and further
provided for additional bonus awards under any bonus programs established by
the Company and/or, based upon merit and Company performance, from the
Compensation Committee. The employment agreements also provided for certain
additional executive benefits and perquisites to be provided to each of the
CEO and the Additional Executives.

  The employment agreements established the initial salary payable in 1998 for
the CEO and each of the Additional Executives. Each executive officer's salary
is thereafter reviewed at least annually and was reviewed in 1999. In
establishing the initial salary payable to the CEO and the Additional
Executives, the Compensation Committee considered a number of factors. The
factors included a review and evaluation of the compensation and salary levels
for similar level executives for other comparable companies in the industry,
the achievement of specified business objectives during the prior fiscal years
including progress made by the Company in increasing the number of
restaurants, improving revenues, income and operating cash flows and progress
made by the Company in product development and improvements in customer
satisfaction. Based upon such considerations, the Compensation Committee
determined the following 1999 fiscal base salary levels to be fair and
appropriate for the CEO and Additional Executives taking into consideration
the level of salary compensation paid to the other officers of the Company and
the salaries payable to other similarly situated executives at the Company's
industry peers: Mr. Fertitta-$585,000; Mr. Scheinthal-$190,000; Mr. West-
$180,000; and, Mr. Ervin-$135,000.

                            COMPENSATION COMMITTEE

                               James E. Masucci
                                Joe Max Taylor

                               ----------------

                                       6
<PAGE>

          COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION

  No member of the Compensation Committee is or has been an officer or
employee of the Company or any of its subsidiaries. The members of the
Compensation Committee had no other relationships with the Company requiring
disclosure pursuant to Item 404 of SEC Regulation S-K. No executive officer of
the Company served as a member of the compensation committee (or other board
committee performing similar functions or, in the absence of any such
committee, the entire Board of Directors) of another corporation, one of whose
executive officers served on the Compensation Committee. No executive officer
of the Company served as a director of another corporation, one of whose
executive officers served on the Compensation Committee. No executive officer
of the Company served as a member of the Compensation Committee (or other
board committee performing equivalent functions or, in the absence of any such
committee, the entire Board of Directors) of another corporation, one of whose
executive officers served as a director of the Company.

            EMPLOYMENT CONTRACTS AND CHANGE-IN-CONTROL ARRANGEMENTS

  The Company has entered into Personal Service and Employment Agreements with
the CEO and each of the Additional Executives which set forth the general
terms and conditions of their employment for the period commencing January 1,
1998 through December 31, 2002. Each of the executives has the right to
voluntarily terminate his employment upon 90 day's notice. Terms used herein
are defined in each Executive's specific contract.

  Pursuant to the terms and provisions of the Personal Service and Employment
Agreement between the Company and Mr. Fertitta (the "CEO's Agreement"), Mr.
Fertitta has agreed to serve as President and Chief Executive Officer of the
Company through December 31, 2002, and is subject to automatic five-year
extensions. The CEO's Agreement provides that Mr. Fertitta will devote
substantially all of his time and attention to the business and affairs of the
Company and will receive, among other things, an annual base salary in an
amount not less than $585,000, annual cash bonuses in amounts determined by
the Compensation Committee, and stock options covering at least 900,000 shares
which were granted with an exercise price of $6.00 per share and were
exercised in 1999. Mr. Fertitta is also entitled to a split-dollar life
insurance policy and certain other benefits and perquisites, including use of
a Company automobile and other transportation facilities, certain memberships,
and matching charitable contributions. However, such split-dollar life
insurance was not obtained for Mr. Fertitta during 1999.

  In the event Mr. Fertitta's employment is terminated as a result of his
death or disability (as defined in the CEO's Agreement), he, or his legal
representative, will be entitled to receive all compensation he would
otherwise have been entitled to receive throughout the remaining term of the
employment period as well as other death or disability benefits provided by
the Company. In addition, any stock options shall immediately vest. In the
event Mr. Fertitta's employment is terminated (i) by him other than for Good
Reason, or (ii) by the Company for Cause, Mr. Fertitta will receive all
accrued compensation and other amounts owed to him as of the date of
termination. In the event Mr. Fertitta's employment is terminated (i) by the
Company other than for Cause, (ii) by Mr. Fertitta for Good Reason or (iii)
after a Change in Control, Mr. Fertitta will be entitled to receive; (a) a
lump sum payment of $3,000,000 in consideration of his agreement not to
compete with the Company, (b) an amount equal to two years' base salary, (c)
an additional lump sum payment in lieu of the split-dollar life insurance
policy, and (d) a continuation of certain other employee benefits.

  The provisions of the Personal Service and Employment Agreements of the
Additional Executives (the "Additional Executive Agreements") are
substantially similar, differing only with respect to the specific amounts or
value of certain items of compensation to which each additional Executive is
entitled. Under the Additional Executive Agreements, the Additional Executives
will receive the following minimum annual base salaries: Mr. Scheinthal-
$185,000; Mr. West-$180,000; and Mr. Ervin-$120,000. Each Additional Executive
is entitled to split-dollar life insurance, matching charitable contributions
and certain other benefits and perquisites in addition to those made available
to the Company's management generally. The Additional Executives were also
granted stock options for the following number of shares: Mr. Scheinthal-
200,000 shares; Mr. West-200,000 shares; and Mr. Ervin-125,000 shares at an
exercise price of $6.00 per share.

                                       7
<PAGE>

  In the event an Additional Executives' employment is terminated as a result
of his death or disability, he, or his legal representative, will receive his
base salary throughout the remainder of the term, as well as benefits provided
by the Company. In addition, any stock options that the Additional Executive
received will immediately vest. In the event an Additional Executive's
employment is terminated (i) by him other than for Good Reason or (ii) by the
Company for Cause, the Additional Executive shall only be entitled to receive
accrued compensation and unpaid expenses through his termination date. In the
event an Additional Executive's employment is terminated by the Company other
than for Cause, the Additional Executive shall be entitled to receive, his
base salary for a period of twelve months and maintenance of all insurance
benefits. In the event any Additional Executive's employment is terminated
following a Change in Control, the Additional Executive will: (i) receive a
lump sum payment in consideration of his agreement not to compete in the
following respective amounts: Mr. Scheinthal-$1,500,000; Mr. West-$1,500,000
and Mr. Ervin-$750,000, (ii) receive those benefits as he would have otherwise
been entitled to receive had he been terminated by the Company other than for
Cause, (iii) have all stock options not yet vested immediately vest, and (iv)
receive a continuation of certain other employee benefits.

                                       8
<PAGE>

  Notwithstanding anything to the contrary set forth in any of the Company's
previous filings under the Securities Act of 1933, as amended, or the
Securities Exchange Act of 1934, as amended, that might incorporate future
filings, including this Proxy Statement, in whole or in part, the following
Performance Graph and the previous Report of the Compensation Committee of
Landry's Seafood Restaurants, Inc. on Executive Compensation shall not be
incorporated by reference into any such filings.

                               PERFORMANCE GRAPH

  The following line graph compares the Company's cumulative total stockholder
return with the cumulative total stockholder return of the Dow Jones Global
Index and the Dow Jones Restaurant Index for the period from January 1, 1995
through December 31, 1999, assuming in each case an initial investment of $100
on January 1, 1995:

             COMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN AMONG
             LANDRY'S SEAFOOD RESTAURANTS, INC., DOW JONES GLOBAL
                     INDEX, AND DOW JONES RESTAURANT INDEX



[Graph]

<TABLE>
<CAPTION>
                          01/01/95 12/31/95 12/31/96 12/31/97 12/31/98 12/31/99
                          -------- -------- -------- -------- -------- --------
<S>                       <C>      <C>      <C>      <C>      <C>      <C>
Dow Jones Global Index..    100      134      162      213      270      321
Dow Jones Restaurant....    100      142      143      147      221      217
Landry's Seafood
 Restaurants, Inc.......    100      120      151      169       53       61
</TABLE>

                                       9
<PAGE>

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

                SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
                                AND MANAGEMENT

  The following table sets forth, as of the date this amendment is filed,
certain information regarding the beneficial ownership of the Company's Common
Stock by (a) each person known to the Company to own beneficially more than
five percent of the outstanding shares of the Company's Common Stock, (b) each
director and nominee for director of the Company, (c) each executive officer
named in the Summary Compensation Table below, and (d) all executive officers
and directors of the Company as a group. Unless otherwise indicated, each of
the stockholders has sole voting and investment power with respect to the
shares beneficially owned. The address of each of Messrs. Fertitta,
Scheinthal, West, Ervin, Masucci and Taylor, and Hospitality Entertainment,
L.L.C. ("Hospitality") is 1400 Post Oak Blvd., Suite 1010, Houston, Texas
77056.

<TABLE>
<CAPTION>
                                                                    SHARES
                                                                 BENEFICIALLY
                                                                     OWNED
                                                               -----------------
                   NAME OF BENEFICIAL OWNER                     NUMBER   PERCENT
                   ------------------------                    --------- -------
<S>                                                            <C>       <C>
Tilman J. Fertitta(1)(3)(4)................................... 5,950,000  23.2%
Steven L. Scheinthal(2).......................................   188,167     *
Paul S. West(2)...............................................   234,767     *
James E. Masucci(2)...........................................    16,000     *
Joe Max Taylor(2).............................................     8,000     *
Richard E. Ervin(2)...........................................   109,001     *
Hospitality Entertainment, L.L.C.(3).......................... 2,090,000   8.4%
High Rock Capital LLC(4)...................................... 1,755,400   7.2%
 28 State Street, 18th Floor
 Boston, Massachusetts 02109
Perkins Wolf McDonnel & Company(4)............................ 1,519,520   6.1%
 53 W. Jackson Boulevard, Suite 722
 Chicago, Illinois 60604
Dimensional Fund Advisors Inc.(4)............................. 1,454,914   5.9%
 1299 Ocean Avenue, 11th Floor
 Santa Monica, California 90401
All officers, directors and nominees
 as a group(5) (6 persons).................................... 6,505,935  24.9%
</TABLE>
--------
 * Less than 1%.
(1) Includes 850,000 shares subject to options which are exercisable within 60
    days of the date this amendment is filed and 2,090,000 shares owned of
    record by Hospitality. Mr. Fertitta has a 90% ownership interest in
    Hospitality (his wife owns the remaining 10%) and thus controls
    Hospitality. Mr. Fertitta is deemed to share voting and dispositive power
    with Hospitality with respect to such 2,090,000 shares.
(2) Includes 157,667, 155,667, 16,000, 8,000, and 102,001 shares subject to
    options, respectively for the persons named in the above table, which are
    exercisable within 60 days of the date this amendment is filed.
(3) Hospitality is the record owner of 2,090,000 shares or 8.4% of the
    Company's Common Stock. Mr. Fertitta has a 90% interest membership
    interest in Hospitality (his wife owns the remaining 10%) and is deemed to
    share voting and dispositive power with Hospitality with respect to such
    2,090,000 shares.
(4) The information set forth herein has been compiled from filings made with
    the SEC on Schedules 13-G dated as of February 15, 14 and 3, 2000
    respectively. In each case, the named entity possesses sole or shared
    beneficial ownership of the shares listed.
(5) Includes 1,289,335 shares subject to options for all officers and
    directors as a group which are, or will become, exercisable within 60 days
    of the date this amendment is filed.

                                      10
<PAGE>

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

CERTAIN TRANSACTIONS

  The policy of the Company is, to the extent practicable, to avoid
transactions (except those which are employment related) with officers,
directors, and affiliates. In any event, any such transactions will be entered
into on terms no less favorable to the Company than could be obtained from
third parties, and such transactions will be approved by a majority of the
disinterested directors of the Company.

  Effective January 1, 1996, the Company entered into a Consulting Service
Agreement (the "Agreement") with Fertitta Hospitality, LLC ("Fertitta
Hospitality"), which is jointly owned by Mr. Fertitta and his wife. Pursuant
to the Agreement, the Company provides limited services to Fertitta
Hospitality with respect to management and operational matters,
administrative, personnel and transportation matters. The Company receives a
fee of $2,500 per month under the Agreement plus the reimbursement of all out-
of-pocket expenses and such additional compensation as may be agreed upon. The
Agreement provides for a one-year term which is automatically renewed unless
either party terminates the Agreement upon 30 days' written notice to the
other party. The Consulting Services Agreement was entered into between
related parties and was not the result of arm's-length negotiations.
Accordingly, the terms of this transaction may have been more or less
favorable to the Company than might have been obtained from unaffiliated third
parties. The Company believes that the terms of the transaction were at least
as favorable to the Company as that which could have been obtained in arm's-
length transactions with an unaffiliated party.

  In 1998, the Company entered into an agreement with Loop 610 Venture, L.L.C.
("Loop 610 Venture"), a company wholly-owned by the CEO, whereby the Company
would sell to Loop 610 Venture a four-acre undeveloped tract of land at a
third-party appraised value of approximately $5,360,000 (approximately
$700,000 more than the original purchase price paid by the Company), and Loop
610 Venture would construct an office building and retail establishments on
the land. In 1999, the Company entered into a ground lease agreement with Loop
610 Venture for approximately one-third of the undeveloped land so that Loop
610 Venture could develop a retail facility. The ground lease is for a term of
five years with one option renewal period. Under the terms of the ground
lease, Loop 610 Venture agreed to pay the Company base rent and pro-rata real
property taxes and insurance in the amount of approximately $16,000 per month.
In April 2000, the agreement with Loop 610 Venture was terminated, and Loop
610 Venture received an option to acquire, at various defined prices, all or
certain designated portions of land for expansion of its retail facility or
for warehouse usage. As part of the termination agreement the ground lease has
remained in place, and the Company has contracted on its own behalf for
construction of an office building on its land to be utilized as the Company's
corporate headquarters.

                                      11
<PAGE>

                                   SIGNATURES

  Pursuant to the requirements of the Securities Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized in the City of Houston, State of Texas, on the 24th
day of April, 2000.

                                          LANDRY'S SEAFOOD RESTAURANTS, INC.

                                                 /s/ Tilman J. Fertitta
                                          _____________________________________
                                                   Tilman J. Fertitta
                                             Chairman of the Board/President
                                               and Chief Executive Officer

<TABLE>
<CAPTION>
              Signature                          Title                   Date
              ---------                          -----                   ----

<S>                                    <C>                        <C>
      /s/ Tilman J. Fertitta           Chairman, President and      April 24, 2000
______________________________________  Chief Executive Officer,
          Tilman J. Fertitta            Principal Executive
                                        Officer and Director

         /s/ Paul S. West              Vice President, Principal    April 24, 2000
______________________________________  Financing Officer,
             Paul S. West               Principal Accounting
                                        Officer and Director

     /s/ Steven L. Scheinthal          Vice President, Secretary,   April 24, 2000
______________________________________  General Counsel and
         Steven L. Scheinthal           Director

      /s/ James E. Masucci*            Director                     April 24, 2000
______________________________________
           James E. Masucci

       /s/ Joe Max Taylor*             Director                     April 24, 2000
______________________________________
            Joe Max Taylor

     /s/ Steven L. Scheinthal                                       April 24, 2000
*By __________________________________
         Steven L. Scheinthal
           Attorney-in-Fact
</TABLE>

                                       12