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.