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StumbleGolden Nugget sees revenue increase in second quarter
The Golden Nugget kicks off the Fourth of July weekend with a fireworks show Friday in downtown Las Vegas.
Monday, Aug. 9, 2010 | 7:57 a.m.
The new Pool at the Golden Nugget Rush Tower Grand Opening on Nov. 23, 2009.
Revenue increased for the Golden Nugget hotel-casinos in Las Vegas and Laughlin in the second quarter, their owner reported today.
Landry's Restaurants Inc. of Houston said revenue for its gaming operations of $57.7 million was up from $56.5 million in the year-ago quarter.
The results were boosted by the expansion of the Golden Nugget in downtown Las Vegas, where 430 rooms in the new Rush Tower opened during 2009's fourth quarter.
But "adjusted EBITDA," a profitability measure, for the casino properties fell from $12.2 million in the 2009 quarter to $11 million in 2010's second quarter. EBITDA means earnings before interest, taxes, depreciation and amortization.
"The gaming industry continues to struggle with excess capacity eroding pricing power and reduced consumer spending. Fortunately, the additional rooms at the new Rush Tower have allowed us to mitigate the rate impact on overall revenue," Rick Liem, executive vice president and CFO, said in a statement.
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the nugget is a golden gem in the middle of a lot of crap, shame that area around it has not been improved and made more desirable and safer
Fremont Street is plenty safe. I feel just as safe there as I do on the strip. I always stay downtown.
I heard from pretty reliable sources that the Nugget just lost their 4 Diamond rating, for the first time in their history. Can anyone confirm this?
Forget about their Diamond rating . You know things are BAD when I get comped and I don't play. Give it another year and Binions will close and Plaza will be imploded! If it weren't for the Hawaiians the area would be empty. Main ST recently closed their steakhouse.
Why would someone invest $20 million into the Plaza, as has just been announced, only to implode it? Why would someone prognosticate that Binions will close when it's already the casino that has been on again-off again for years? Why would chazbean make the statement that the only people who go Downtown are Hawaiians when I'm there all the time and see more non-Hawaiians? Why do people love to predict failure from behind the safety of anonymity and the laziness of a laptop?
Good for the Nugget! It's nice to hear some good news. I've stayed there a few times in the past 6 months, including the Rush Tower. The Nugget is still the class of downtown, though if they did lose a diamond, I would guess it's in the service area. The times that I've stayed there, it was noticable that there were a bit fewer staff at all areas to which I interacted. Check-in at the new tower took awhile as there was only one person at the counter, things like that. It was far from awful though and appeared to me they were trying to react to a slower economy. The staff was trying very hard to please. The room was incredible for the price!
Revenue up slightly but net down by 10%. That is not a sustainable model for the future. The only way to increase profits will be lower wages or fewer workers and that isn't good news for Las Vegas.
I would like to stay at the Nugget the next time I am in town. I have never stayed at a hotel downtown before, I have always stayed on the strip. Is the Nugget the best place to stay or is there a better place?
"The only way to increase profits will be lower wages or fewer workers and that isn't good news for Las Vegas."
Actually, fewer workers is exactly what Vegas needs.
http://weeklyseven.com/news/2010/july/08...
My wife and I will be staying at the Golden Nugget in Downtown Las Vegas next month. We have stayed there several times in the past, and consider it the jewel of Downtown and wonderful value.
The California is another of our favourite Downtown casino/hotels because it is so incredibly clean.
We eat breakfast every day at Magnolia's in the Four Queens, as well as suppers there a couple of times per trip. It is a hidden gem.
We have stayed at all the Downtown hotels except the Golden Gate. Downtown Las Vegas offers exceptional value.
I have stayed on the Strip about 40 times and Downtown about 44 times. There is no comparison. Downtown offers superb value. The poster(s) who denigrated Downtown Las Vegas do not know what they are talking about. They are idiotic jealous losers.
Tourists who have only stayed on the Strip should try Downtown on their next trip. Most will never go back to the Strip.
beerbellytex-
The Golden Nugget is far and away the best place to stay downtown. It is the only place I would recommend to a friend. Also, Fremont Street is prefectly safe to walk up and down both day and night.
The Golden Nugget is the best. Downtown is the best. "Old School" Vegas - at its best. Shoot - I remember driving down Freemont Street till it dead-ended at the Plaza and you had to turn left or right!!
RPJ
I see more Hawaiians staying at the Californa and Fremont,and they do get the comps.I might add they are the most polite people I have ever meet,(Family Values).
Nugget is a clean family place to stay. Nice swimming pool, dinning and dancing (diggers,nite club)and safe.I feel my money last longer in the casino,but remember casino are not built on winners.I would give it a 4 star rating.
LOVE THE NUGGET!! Always great service and friendly people!! You do not find the snobs at the Nugget!!
Thanks for the above posts. My wife wants to know if the Nugget has Blackjack Switch. She loves that table game.
Want DT LV to come back? The "suits" running the joints have to look no further for a model than to Benny Binion. He may not have been the best role model in many ways but if they emulated the way he ran the Horseshoe, DT would be overflowing with gamblers happy to drop a few bucks for the excitement, entertainment and value they get.
Oh lord... again with the "old Vegas"... Las Vegas is better now than it was 20 years ago and it was better then than it was 40 years ago and so on... at least I think that's the opinion of those of us not buried out in the desert. I'm not old enough to have known Benny and Lefty and the others that you seem to worship (though my parents and Grandparents were) and I'm not calling Benny a gangster, but he did have a sorted past. That's cool, most who were experts in the gambling industry had "interesting" resumes. Gaming is a corporate business now. I love the movie Casino too, but we've progressed and we will continue to progress. Why is it that this "older" generation thinks they had a monoply on the good life... they even call themselves the Greastest Generation! How arrogant! Turn over the keys Grandpa, we can handle it from here and my kid's generation will have it better than the both of us.
beerbellytex-
Not 100% sure if the Nugget has "switch" but the 4 Queens right next door has it for sure. Great drink service at 4 Queens by the way.
I remember when one could walk into a casino and the employees smiled, wanted to know your name, and wanted the customer to have a good time. Now it is expensive bottle service, tight slots, hand over your money and move on. I was in Vegas two weeks ago and it was what my cab driver described as a slow week. The action was just not there.
I think Old Vegas was GREAT. I am going to stay downtown next time. Maybe I am getting older, but customer service is what built Vegas. The younger generation can have the mega resorts.
Thanks for the last post about Blackjack switch.
I'm aware that Boyd's downtown properties successfully market directly to Hawaiians; I was pointing out that it's not just Hawaiians that visit downtown. As for a "family oriented" downtown, I think that is great for the Arts District and other areas in downtown, but Fremont Street would be better off marketing itself as the historic center of Las Vegas, and captitalize on the freewheeling spirit of the early days rather than trying to attract families. There will be plenty of room for that type of market in other downtown areas as they progress.
Posts from the doom and gloom losers like that Ruins of Las Vegas guy missing when the news is good.
RPJ... If u read my posting I said that the Plaza and Binions are DEAD. If they do invest 20MIL at the Plaza it will be a waste of money .Just renovating the rooms will be 20M. The only Casino that doesn't have Hawaiians is GN. This is my opinion and u can disagree if u want to.
The trouble with the Internet is that "opinion" has become more important than fact. I hope that the $20 million that Tamares Group is investing into the (Union) Plaza (and other properties) is not predicated on the ramblings of someone too lazy to type out the word "you."
See you at FireFly ... At the (Union) Plaza!
Chunky says:
Maybe the Nugget didn't get themselves in over their head in debt trying to build five new buildings at one time using money they didn't have?
Can anyone tell me WWJMD (What Would Jim Murren Do?)
That's what Chunky wants to know!
GN is the place to stay. Even when I was a local, I would have a staycation at the Nugget. You get your money worth staying downtown instead of the strip and the Nugget has the games, friendly people and a nice faciality.
@Wolf
Boyd's is very smart. Hawaii is one of two states that do not have any form of legalized gaming. Boyd's solution is to offer airfare, hotel, meal vouchers, and transportation to the people of Hawaii for just above cost. This has caused a massive following for the Downtown Boyd;s casinos. It will be interesting to see what will happen if Hawaii ever allows casino gambling.
The GN had the Four Diamonds "suspended" during the construction but they have it back now until at least the next AAA inspection.
Though I usually stay on the STrip due to comps, I always stop in at the Nugget and play a little, have a few drinks, etc. Good value for the money, you're gettin' Strip quality for a Downtown price!
Yup, this is the way it was and is, give a guy a computer and he is an expert. Lots of folks prefer downtown - not everyone has a deep pockets to play in the big strip properties. Hmmm, the sun will come up tomorrow! There is a market for the wonder of Fremont Street. Some of you will always hate downtown, others will never come there. Hey, whatever your preference I hope you enjoy the day and seize life and love and joy in this city which is the heart of imagination and creativity and entertainment!
i love downtown. the casinos are great, the drinks are always coming (comped) sure you can go to the younger generations pool parties and pay $300.00 for a bottle of vodka, a hangover and possibly an std to take home to your girlfriend. blame your stupidity on your being immature, lose all your money in one evening and then complain that old people are old people. i bet you that i have more fun than you. idiots.
I love the Golden Nugget Poker Room which is really nice to play at and the coffee shop in the rear. Although it's not as cheap as other coffee shop, it's classy and of
fers a great variety of food. The only thing that's not so great is the pool area. The hotel is too big for such a small pool, or better,.....the pool demand is bigger than what the hotel can offer, and therefore people are sitting too close to each other. That's my opinion. To summarize, however, I put both of my thumbs up for the GN. Great Casino with international reputation. This hotel plus the El Cortez are probably the finest places in Downtown to stay at.
From Switzerland
Regardless of whats said the Golden Nugget is great place to be at anytime. They need to just keep up the class that Steve Wynn gave it. With out the Class it to would be history. These guys that own it now are great for Downtown and deserve your business. The best to everyone
BorisR --
I agree about the El Cortez, many years ago (the "golden Years"?) it used to be known as a dive. Today, it's a boutique hotel. Great place to stay.
smartone618 --
" ... but he did have a sorted past."
I think you meant "sordid" -- I may be wrong ;)
SheetWise
On behalf of a German casino information website I had the opportunity to interview one of the managers of the El Cortez. It was a great experience. And I did it just a few months before they started remodeling the Odgen House and turn it into the Cabana Suites. I am missing the pool at the El Cortez, which has never been a real issue to the El Cortez, since they cater mostly to locals, still. I think that a small pool would definetely upgrade the casino hotel by a notch, still. But the management decided to leave it without.
I learned from the interview that sometimes less is more. They got rid of approx 30 per cent of their slots and built in a much better airconditioning/filter system. Today, when you walk through the El Cortez, you feel the difference. Years ago, it was smoke-filled and was packed with strange people. Due to the high presence of security guards at the corners, you can always feel secure when you walk from Fremont Experience back to the El Cortez at nights.
The room rates are really affordable and gaming is great there. Even this single deck black jack has extremely good rules. Or was it double-deck? Can't remember. And the old style videopoker section is something to remember, too. I am not paid by the El Cortez to advertise the hotel, but from all I have seen over the years of visiting Vegas, the El Cortez always deserves my business. Even if I frequently lose money there, it's my pleasure visiting the EC. I have never before experienced such hospitality in any other Las Vegas casino before. And the free airport shuttle is also something worth mentioning.
Greetings from Switzerland
I sure agree with Boris.
BorisR has spoken. Amen to the Word.
ok, waiting for the next interesting topic... :)
I always stay at the Golden Nugget and gamble at the ElCo. Last time I was there they still had 3-2 blackjack! why play crappy 6-5 black jack. last time I was there was also $3 craps and 25c roulette.I love the Elco I hope they never change. I'll probably try staying at the El next time