Investment pays off for Golden Nugget owners
Despite the recent general slowdown in the city’s fortunes, Las Vegas’ largest downtown casino, the Golden Nugget, has reported strong profits for the first quarter of 2007.
The casino’s corporate owners, the Houston-based Landry’s, revealed to investors that the venue, alongside its sister venue in Laughlin, made a profit of $21 million in the first three months of the year, in comparison to $16.3 million over the same period in 2006.
In addition, the revenue generated by the two casinos stood at $70.7 million for the first quarter, up from $63.4 million in 2006.
These latest figures come after Landry’s has spent in excess of $100 million upgrading the Golden Nugget, making it by far the strongest venue in the otherwise struggling marketplace surrounding Fremont Street.
“They are putting forth the most effort right now,” said Anthony Curtis, publisher of the Las Vegas advisor.
“The Golden Nugget stands out as the only thing that shines down there.”
Recent research has revealed that the overall gaming market in Las Vegas has been level or in decline for the past decade, though the eight per cent growth in casino winnings in April ended ten consecutive months of decline in the market.