X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LAS VEGAS-Landry’s Restaurants this week reported less than stellar third quarter performance from its gaming unit, though it still turns a profit for the company. The unit consists of the Golden Nugget casino-resorts in Downtown Las Vegas and Laughlin, NV. Next week, Landry’s will open its $135-million, 500-room Rush Tower at the downtown Las Vegas Golden Nugget, raising the room count there to more than 2,400, the largest in the Downtown market.

Landry’s gaming unit saw its profit decline 40% to $7.6 million from $12.7 million in the same year earlier period on a 13.5% decline in net revenue $52.4 million from $60.6 million. Casino revenue fell 8.5% to $32 million, room revenue fell 22% to $11.8 million due primarily to lower occupancy and room rates on the Strip, and food and beverage revenue fell 13.3% to $10.8 million.

The state Gaming Control Board reported this week an 8.7% decline in gaming win from Downtown Las Vegas casinos in September. Gaming win, the amount gamblers lose in casinos, was $44.8 million in September, down from $49 million in the same year-earlier period.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.