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Holy Shit, The Golden Nugget Sold!

By Chuckmonster on Friday, 4th February 2005 8:05pm
  » filed under Las Vegas  comments: 0

   

LAS VEGAS - Landry's Restaurants Inc., whose operations include Rainforest Cafe and The Crab House, is buying the Golden Nugget hotel-casino in downtown Las Vegas, a first step in a strategy to get a slice of the lucrative gambling business and expand its profit pipeline. Landry's shares surged nearly 10 percent on the news.

Houston-based Landry's announced Friday it struck a deal with Poster Financial Group Inc., owners of the Golden Nugget, under which it would pay $140 million in cash and assume $155 million in debt for the Golden Nugget.

The Golden Nugget Las Vegas is considered the jewel of a faded downtown with 1,907 hotel rooms and 2,800 employees. Built in 1946, it's the largest of the 14 hotel-casinos in the downtown area.


[ Discuss this in the The Lounge - Ed ]



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