Landry's Restaurants, Inc. Announces 2008 Revenues
Landry's Restaurants, Inc. (NYSE:LNY) , announced today that revenues for 2008 are expected to be approximately $1.1 billion, comprised of $891.0 million for the restaurant and hospitality group which reflects $13.0 million in lost revenue as a result of Hurricane Ike and $253.0 million for the Golden Nugget.
Same store sales for the year are expected to be a negative 2% when the Company reports its 2008 fourth quarter and full year results in March 2009, while 2008 adjusted EBITDA (Earnings before interest, income taxes, depreciation and amortization) is expected to be between $136.0 million and $138.0 million for the restaurant and hospitality group and between $62.0 million and $63.0 million for the Golden Nugget, excluding income and expenses associated with the terminated going private transaction, dispositions and the $430.0 million refinancing, which is expected to close in February 2009. Substantially, all of the Company's operations in Galveston and Kemah are reopened with the final businesses expected to be opened before Valentine's Day.
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