Landry's posts 3Q net income


SeafoodSource staff

Published on
November 8, 2009

 Landry's Restaurants on Friday announced its third-quarter results.

The Houston company posted revenues from continuing operations of USD 276.6 million (EUR 186.4 million) in the third quarter of 2009, down from USD 289.7 (EUR 186.4 million) during the same period in 2008.

However, Landry's recorded a net income from continuing operations of USD 8.9 million (EUR 6 million) this year, compared to a net loss of USD 7.6 million (EUR 5.1 million) last year.

"Operating income from the restaurant and hospitality group held up well in a very difficult economic environment," said Rick Liem, Landry's executive VP and CFO.

"Results from the gaming operation reflect lower traffic compounded by heightened competitive pressure, particularly on room rates," he added.

The company operates several restaurant chains, including Landry's Seafood House, Charley's Crab and The Chart House, and the Golden Nugget Hotel & Casino in Las Vegas and Laughlin, Nev.

Earlier this week, Landry's announced it accepted CEO Tilman Fertitta's buyout offer, valued at USD 1.2 billion (EUR 819 million). The transaction is expected to be complete in the first half of 2010.

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