"I think there could be a lot of buyers," Michael Gallo, an analyst with New York City-based CL King & Associates, tells GSR. "It's wide open."

Landry's executives have said they are exploring options for the two chains to concentrate more on their high-end brands, like Landry's Seafood House, Chart House, Charley's Crab and Rainforest Café, as well as their Golden Nugget casino business. Joe's Crab Shack, acquired by Landry's in 1994, has about 150 units, while Saltgrass has about 35 restaurants, mostly in Texas. A sale of both chains would mean the disposition of more than half of Landry's 300 units in its restaurant portfolio.

Saltgrass could have the most buyer interest because of its strong financial performance, of 11 quarters of same-store sales gains, and growth potential, Gallo says. Parties interested in either chain could include private-equity firms or large restaurant companies that want to add a steak or seafood chain to their portfolio, he says.