“The bigger players are realizing it and they are making the moves,” Curtis said. “These Landry’s dudes are willing to put their chips in,” said Anthony Curtis, publisher of the Las Vegas Advisor.Ĭurtis said Landry’s aggressive investment in the Golden Nugget sets them apart from other Fremont Street casino owners who have complained about the lack of new hotel rooms but have been unwilling or unable to increase their own inventories despite historically high occupancy rates throughout Las Vegas. More importantly for downtown Las Vegas, it would be the biggest one-time influx of new hotel rooms in about 20 years, significant because investment by Landry’s in a long-stagnant gambling market should produce spillover benefits for other casinos on Fremont Street. When the tower opens in 2009, Landry’s will have spent more on renovations and additions to the Golden Nugget than they spent in 2005 acquiring the property and a sister hotel-casino in Laughlin for $295 million in cash and debt assumption. Now Landry’s Restaurants, a Houston-based company that bought the Golden Nugget in 2005, is finishing a $70 million casino, convention and nightclub addition.Īs early as next year the company plans to spend another $150 million adding an approximately 500-room hotel tower with casino to what is already the swankiest spot on Fremont Street. Last year owners of the Golden Nugget spent $100 million on the hotel’s biggest upgrade since 1984 when Steve Wynn owned the property.
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