Golden Nugget owner considers sale of company

A view of the Golden Nugget pool in downtown Las Vegas on June 9, 2009. Landry’s chief executive Tilman J. Fertitta has offered to take the company private and spin off the company’s Salthouse Steak House subsidiary Saltgrass Inc.

By Sun Staff (contact)

Wednesday, Sept. 9, 2009 | 9:34 a.m.

Headlines from the Vegas gaming industry

Restaurant and casino operator Landry's Restaurants Inc. of Houston on Wednesday said it is reviewing strategic alternatives, including a possible sale of the company.

The company said it appointed a special committee of directors to review its options. The committee has retained independent legal advisers and hired Moelis & Co. LLC as its financial adviser.

Landry's CEO Tilman J. Fertitta has offered to take the company private and spin off the company's Salthouse Steak House subsidiary Saltgrass Inc. The company said it is considering that offer and evaluating others.

Shares of Landry's slipped 21 cents to $10.65 in morning trading.

Landry's owns the Golden Nugget hotel-casinos in downtown Las Vegas and Laughlin.

An earlier effort by Fertitta to take the company private was dropped in January.

The Associated Press contributed to this report.

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By dodgerchuck

Sept. 9, 2009

10:41 a.m.

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is the salthouse the same as the salt-lick bar b q restaurant chain that has a local at red rock ranch
By chazbean

Sept. 9, 2009

1:10 p.m.

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Good idea. This shrewd businessman builds another wing in this DEPRESSION. Stop ripping off people and give them value.
By mred

Sept. 9, 2009

2:13 p.m.

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buy sell Does anyone make money by running a business?
By denro

Sept. 9, 2009

2:20 p.m.

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dodgerchuck, the Landry's owned Saltgrass Restaurant chain is not related to that BBQ outlet at Red Rock.
By stevem

Sept. 9, 2009

2:29 p.m.

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everyone is starting to look at that "year over year" forecast now that we are moving in on one year of this economy and they know it's time to get out.

vegas will be a very, very different town in 5 years.
By LasVegas2009

Sept. 9, 2009

3:34 p.m.

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These guys are just getting in line in front of all the others that will be selling soon. In a down turn like this its best to cash out an wait it out. It can cost millions and millions to operate a casino that is losing money while trying to stay open. We will be seeing all these casinos switching hands. We need to focus on building new industries that do not rely on gaming.
By POWERPLAY

Sept. 10, 2009

4:05 a.m.

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I just hope this time that it is sold to a hotel company and not another restaurant company.
By kenokd

Sept. 10, 2009

8:57 p.m.

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The Golden Nugget is by far my favorite Casino. I make a point to stay there several times each year. The gaming is good and the employees are really nice. I hope it doesn't turn into a Harrah's property. Big, expensive and ill kept.