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Stumblegaming:
Golden Nugget reports drop in 2Q profits
Wednesday, July 22, 2009 | 12:58 p.m.
Sun Coverage
Gaming revenue dropped 15 percent in the second quarter at the Golden Nugget Las Vegas and Laughlin, parent company Landry’s Restaurants reported today.
Revenue fell from $66.5 million last year in the second quarter to $56.5 million in the same time period this year.
Houston-based Landry’s Restaurants, which operates 175 restaurants in 27 states and five hotels in Texas, as well as Nevada’s two Golden Nuggets, reported average daily room rates at the hotels declined 23 percent during the quarter compared to the same period a year ago.
Officials blamed the falling room rates at the Golden Nugget on luxury and upscale Strip properties dropping their rates. The discounted room rates have attracted visitors who are spending less on gaming and other amenities, Landry’s cited in its quarterly report.
Earnings before interest, taxes, depreciation and amortization at the two Golden Nugget properties declined 28 percent to $12.2 million versus $17 million in the same period of 2008.
Gaming revenues for the six-month period ending June 30 were $112.5 million compared to $136.3 million for the same period in 2008.
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How will the opening of new hotels help this picture? It seems these are the jobs that will be lost as the MGM opens the failing city center project.
This used to be a nice Casino until GREEDY Landry took over.
Maybe Tony will take some of his Zappos profit and buy out Landry's.
I heard a story about a month ago that the Golden Nugget layed off people that had upwards of 15 years seniority all the way down to employees who were there just months. So much for employer loyalty to its long time employees.
They charge enough for a drink there. I mean come on.
humor is needed here - Katie, I am going to have to preach at you again!