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StumbleGolden Nugget reports increase in revenue
Monday, May 10, 2010 | 4:34 p.m.
The owner of the Golden Nugget hotel-casinos in Las Vegas and Laughlin today said revenue and cash flow for the gaming properties improved in the first quarter after the Las Vegas property opened 430 rooms in the new Rush Tower during the fourth quarter.
But the results were dampened by reduced occupancy and average daily room rates in Las Vegas vs. the prior-year period, Landry’s Restaurants Inc. of Houston said.
Gaming operations generated profit of $14.222 million before depreciation, amortization, interest and certain other expenses, up from $12.718 million in the first quarter of 2009, Landry’s said.
Net gaming revenue of $59.5 million was up from $56 million in the first quarter of 2009.
Casino revenue increased $850,000, or 2.4 percent, to $36.8 million. Room revenue increased $1.7 million, or 13.8 percent, to $14.1 million. Food and beverage revenue increased $614,000, or 5.9 percent, to $11.1 million.
Net income for the gaming companies wasn’t disclosed. But overall, Landry’s earned $14.3 million, or 87 cents per share, up from $6 million or 37 cents a year earlier.
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Locally owned and independent for more than 50 years.
This is a nice clean place and safe.Good drinks and service.I always brake even when I gamble there now I feel like a winner.
Congrats to the Nugget! A great place to stay and play downtown! Keep it up guys, keep moving forward without forgetting where you came from, and the honeymoon profits will keep rolling in!
Wow....Environ we agree on something. I love the Nugget.
Love the Nugget and the poker room.
The Golden Nugget is a wonderful hotel, and is the pride of Downtown Las Vegas. Notice how those hotels with rich owners and manageable debt can continue to give great value to their patrons. The Downtown Boyd hotels do the same, as does the El Cortez.
Humongous debt has killed the Strip temporarily. Eventually, either through bankruptcy sales or sales to rich owners, the Strip will once again give good value to their customers, without the sneaky resort fees and other hidden costs.
Downtown Las Vegas in my opinion provides a noticably better gambling vacation, mainly because the hotel owners are satisfied to earn their money the old fashioned American way--to give great value to their guests.
The GN is a great place and always has been.
I love the golden nugget, foods greatand the entertainment (Gordie Brown) is fabulous.
Glad to see the downtown hotels and casinos doing well We always stay downtown. Love the El cortez also.
Downtown, the only reason I will come back to Vegas.
Hats off to the Nugget. Always a stop on my trips to Vegas. They seem to still do it the right way with "old school" customer service.
According to Business Week this week; "Changes in the casino industry have opened doors for MBA hires. In the 1950s, casino managers were king, and their personalities drove the business. By the 1980s, corporations began to take over casinos, and Las Vegas wasn't the only venue anymore. Still, most casino managers began as dealers in the casino. A college degree wasn't even a requirement, let alone an MBA.
But more competition is motivating casinos to hire people with special business skills, and opportunities abound. During the past two decades, according to the American Gaming Assn., the casino work force has increased almost 80 percent, from 198,657 employees in 1990 to 357,314 in 2008. Additional states that have voted to allow gaming have also contributed to an increase in jobs".
So the casino bigwigs will continue to hire the MBAs who are totally out of touch with the customer and their likes(winning once and a while) and dislikes( paying $12 for a deli sand) and only understand what has been spoon fed them from some mathematical theory of how people spend money-what a joke!
Well Im glad to see that the Nugget is profitable because it's one of my favorite places to stay -bar none.
Does the Nugget offer special room rates for poker players?