Houston, Texas, U.S.A.-based Golden Nugget, which operates Morton's The Steakhouse, The Oceanaire, McCormick & Schmick's, Landry's Seafood, and other restaurant chains and casinos, said its revenue for the second quarter of 2021 spiked 224 percent to USD 934.5 million (EUR 795 million).
Golden Nugget’s net income for the quarter reached USD 144 million (EUR 122 million), compared to a net loss of USD 152.7 million (EUR 130 million) in the second quarter of 2020.
"We continue to perform at a very high level and are very pleased with the second quarter results,” Golden Nugget Chairman and CEO Tilman Fertitta said in a press release.
The gaming and restaurant conglomerate expects to deliver at least USD 800 million (EUR 680 million) adjusted EBTIDA for the year, according to its Q2 report.
Meanwhile, Winter Park, Florida-based Ruth’s Hospitality Group, which operates more than 140 Ruth’s Chris Steak House restaurants, said its second quarter 2021 sales reached USD 104 million (EUR 88 million), compared to USD 27 million (EUR 23 million) in the second quarter of 2020.
“We are excited about this momentum and our renewed commitment to unit growth as we expect to open seven new company-owned or managed restaurants by the end of 2022,” Ruth Hospitality President, CEO, and Board Chair Cheryl Henry said in a press release.
The company also expects to open three new franchisee-owned restaurants by the end of 2022.
However, Henry noted that food and beverage costs, as a percentage of restaurant sales, increased 60 basis points to 30.3 percent compared to the second quarter of 2020, with the company’s beef costs rising 27 percent in the quarter.
The results indicate the full-service restaurant sector has rebounded since the start of the COVID-19 pandemic.
Photo courtesy of Scott Colesby/Shutterstock
