A Worthy InvestmentPublished February 9, 2005 by OCR Editor
If you enjoy online casino gambling then the Golden Nugget casino in Las Vegas is a worthy experience for anyone looking for great entertainment. The Golden Nugget casino recently changed hands and sold for a whopping $215 million.
Online casinos are a lot of fun and provide a great source of entertainment on the web but the land based casinos are still attracting heavy investment. Perhaps this land based gambling establishment will consider opening an online casino as well.
Landry's restaurants, a huge chain of restaurants and entertainment venues across the US, originally announced they were buying the Nugget and the Golden Nugget Laughlin for $215 million back in the summer 2003. The actual purchase was made in January 2004, capitalized much of their acquisition from MGM Mirage with funds acquired from the sale of an online reservation company. Landry's Restaurants Inc is the nation's second largest and fastest growing casual-dining, full-service seafood restaurant chain.
Golden Nugget casino in Las Vegas has a lot of history. This land based casino originated as a gambling hall in 1946. It is the largest resort in downtown Las Vegas with 1,907 guest rooms and suites; 38,000 square feet of gaming space including 1,300 slots and 50 gaming tables, and 29,000 square feet of meeting and banquet space. Golden Nugget Las Vegas picked up the AAA Four Diamond Award perennially since 1977. Online casino gaming is a great alternative for many casino players but the Las Vegas experience is something completely different. The casino gained exposure on the nationwide Fox reality show "The Casino," which also featured their purchase of the Golden Nugget and the way in which the casino was managed. Obviously compared to an online casino there are many more factors involve din managing a large land based casino.
Tilman Fertitta, chairman, president, and CEO of Landry's recently had this to say about the purchase: "Landry's is thrilled to add casino gaming to a varied and diverse collection of entertainment offerings that already includes casual and fine dining, hospitality and aquarium properties. The Golden Nugget is the premier property in downtown Las Vegas, has outstanding brand recognition across the country, and is a perfect fit for us."
The deal, which includes $140 million cash and the assumption of $155 million in debt, is subject to approval by Nevada gaming regulators. If you aren't planning to be in Las Vegas any time soon, check out our online casino directory for all the same great action and casino games you'd find at any land based casino.