HOUSTON Landry's Restaurants Inc. said Monday it expects a decline in fiscal 2008 revenues after slow sales and losses related to closures and damages from Hurricane Ike last fall.
Landry’s said it expects to report $1.1 billion in total revenues for 2008, which includes $891 million from its restaurant and hospitality division and $253 million from its Golden Nugget properties. In fiscal 2007, Landry's posted $1.17 billion in revenue.
Landry's said its restaurant and hospitality division, which includes more than 170 casual-dining restaurants, suffered $13 million in lost revenue in 2008 after Hurricane Ike damaged many of the company's restaurants in Houston and Galveston, Texas, as well as its Kemah Boardwalk property. Landry's has reopened most of its operations and said Monday that rest should be open by Valentine's Day.
Landry's said it expects annual same-store sales to decline 2 percent.
The company said 2008 earnings before interest, income taxes, depreciation and amortization, or EBITDA, for its restaurant division would likely range between $136 million and $138 million, while EBITDA for its Golden Nugget hotel and gaming operations in Nevada are expected to be $62 million to $63 million. According to Landry's annual report last year, combined EBITDA was $181.9 million.
Landry's said its preliminary results excluded expenses associated with the going-private transaction that was terminated earlier this month and the $430 bond refinancing that is expected to close in February.
The company said it would report full fourth quarter and fiscal 2008 results in March.
Landry’s restaurant portfolio includes the Landry’s Seafood, Rainforest Cafe, Saltgrass Steakhouse, Charley’s Crab and The Chart House chains. It also owns entertainment venues and the Golden Nugget Hotel & Casino in Las Vegas and Laughlin, Nev.
Contact Ron Ruggless at [email protected].