Casinos Boost Landry's Results

NEVADA – As reported by the Galveston Daily News: "The acquisition of two Nevada casinos has proven to be golden for Tilman Fertitta.

"During a conference call Wednesday with Wall Street analysts, the president and CEO of Landry's Restaurants said the company's new Golden Nugget casino properties boosted 2005 profits and revenue to record levels.

"Landry's reported fourth-quarter revenue of $328.8 million — about $100 million higher than the year-earlier period. Annual revenue was $1.25 billion, compared to $1.16 billion in 2004.

"Revenue from the Golden Nugget operations accounted for $63 million alone in the fourth quarter, exceeding company estimates.

"Net earnings for the year were $44.8 million, or $1.95 a share. Landry's expects to boost earnings to $2.29 a share in 2006, driven by the casinos and a continued rollout of its upgraded Joe's Crab Shack restaurants with better menu choices and interior redesigns…"
2006-02-24