Golden Entertainment Considering Options for Closed Laughlin Riverfront Casino
Posted on: August 13, 2022, 04:27h.
Last updated on: August 14, 2022, 04:44h.
Golden Entertainment’s (NASDAQ:GDEN) Colorado Belle Casino Resort in Laughlin, Nev., is approaching 30 months in closure. The operator is mulling options for the venue.
In response to a question from B. Riley analyst David Bain, Golden CEO Blake Sartini addressed the matter earlier this week on the company’s second-quarter earnings conference call. The chief executive officer noted the operator is maintaining the gaming license for the riverfront casino-hotel while “exploring A to Z opportunities for that piece of property.”
The way I view that down there is I think that market at some point could use a significant traffic driver,” Sartini on the call. “I think the capacity that we currently have with the rooms and the casino inventory is sufficient for what we see going forward down there.”
Golden operates the Aquarius and Edgewater gaming venues in Laughlin. That puts it in competition with Caesars Entertainment (NASDAQ:CZR) as the dominant casino name in that city.
Colorado Belle Is Unique Venue
Closed during the early days of the coronavirus pandemic in 2020, Colorado Belle sits along the Colorado River and embraced that location, sporting a riverboat theme.
Though not entirely objective on the matter, Sartini describes the casino-hotel as “a one-of-a-kind piece of property” that offers strong growth prospects and visibility in the Laughlin market.
That doesn’t necessarily mean Golden will rush to reopen the venue. Nevada operators with multiple venues in single markets realized they could do more with less. For example, Red Rock Resorts (NASDAQ:RRR) is permanently closing Fiesta Henderson, Fiesta Rancho, and Texas Station in the Las Vegas area.
Likewise, Boyd Gaming (NYSE:BYD) appears unlikely to reopen Eastside Cannery. Golden could take a page from those playbooks and apply it to Colorado Belle, particularly because the operator’s other Laughlin venues are thriving.
Golden Has Options for Colorado Belle
As the gaming license holder and real estate owner, Golden holds all the cards regarding Colorado Belle’s future. The operator could demolish the venue, turn it into a non-gaming venue, or sell it to a competitor. However, none of those ideas were specifically mentioned on the conference call.
I see that (Colorado Belle) as a valuable asset in close proximity to our two assets, which are the best located in the market that can be utilized, I think, to drive additional traffic,” noted Sartini.
Obviously, Laughlin isn’t Las Vegas. But the former could appeal to a smaller gaming outfit looking to add Nevada exposure. Likewise, Golden could see value in eventually reopening Colorado Belle.
Heading into Golden’s most recent earnings report, “Investors were concerned with Laughlin trends given pressures from higher gas prices. This drive-to market largely targets tourists from SoCal, Arizona and Las Vegas. Thus, higher gas prices increase costs to reach the destination.
Despite industry visitation/GGR down 4%/5% YoY in 2Q, GDEN’s properties gained market share as a full schedule of concerts/events helped grow visitation and non-gaming revenue,” said Roth Capital analyst Edward Engel in a recent client note.
Related News Articles
MGM Eyeing $100K Packages for Las Vegas F1 Race
Todd Shriber
— August 17, 2022
Ruffin Didn’t Bid for Mirage Because He Wanted Real Estate, Too
Todd Shriber
— December 23, 2022
Red Rock Takes Top Spot in Forbes Las Vegas Hotel Survey
Todd Shriber
— April 29, 2023
El Cortez Readies Barbie Suite in Advance of Movie
Todd Shriber
— June 11, 2023
Most Popular
Most Commented
Most Read
LOST VEGAS: First Documented ‘Trick Roll’ by a Prostitute
Corey Levitan
— September 9, 2024
Last Comments ( 38 )
You know that old saying it takes money to make money I think if the owner of the Colorado Belle invested some money in her with a little TLC and got her back on her feet so to speak, might be surprised with the outcome a lot of people ready enjoyed the Colorado Belle when she was up and running I know I did, and now I miss her that she's gone..
so sad to see something as enjoyable as the belle disappear very disheartening.
We really miss the Belle. It was the first place we stayed at 17 years ago. We've haven't been going to Laughlin as much since it closed. The other casinos are nice, but doesn't have the same atmosphere. LOVED the poker room.
My first time at the Bell was 1987. Many more stays after that.The Bell has ran it's course and needs to be leveled and start over, but who would waste their money on a losing cause. Laughlin has become a classless ghetto.
We were really hoping to celebrate our 35th anniversary there, as that was where we honeymooned. Just for memory's sake.(We were young, and working and it was as far as we could get and still get to work on monday) Then it closed. Now we can afford somewhere better anyway, even though now we are one of the older people that we saw there 35 years ago, lol!
PS. You would really having it going on if you had a beach down in front to enjoy like the Harrah’s has.
Been coming here since this casino was opened, I believe it was 1980. Mark twain was awesome with the ribs and the 24 hour coffee shop was awesome with a big huge piece slab of ham and eggs. Yum! All the shops were great up there, as well as the arcade for the kids. We really miss the old slot machines too that this place started with first as well as big Bertha $1.00 slot machine. Do you remember the Looney Tunes stuffed animals when you used to get 10 $100 jackpots on the slots and you would be able to turn them in to be able to pick out your stuffed animal to bring home, plus you kept all your winnings from the slots for them too? We brought home 10 of those in just one trip. We really miss the preferred slot players program too where you get to stay weeks at a time at no charge several times a year. If you did have to pay, it was only like $15-$17 per night to stay there if you were not on the preferred slot players club. The place was always packed as well as all the boats and Jet Ski’s in the parking lot too. They had great shows there as well until they decided to take them all the way. Then they started closing stores. They change the slot machines to cards that slide and then which was ridiculous and ever since then the place went downhill. Same without enclosed walkway from casino building to the hotel, ever since that went in, the place went to craps. Please remodel it and bring it back how it was when it first opened in 1980. Bring back the fun! Let us enjoy new memories like the old past ones.
I worked at the mark twain restaurant when it first opened it's doors , Laughlin just ant the same anymore I miss the Colorado Belle a lot, you rich people that own it u took something good away,and you suck
Stop lagging and dragging this on. Fix it and make money, or sell it. Not doing anything positive, the way it is now.
Let’s be real… we all want it open because it was $17 a night … and we never lost at blackjack or craps so our vacations were free all summer
My husband and I got married on the banks of the Colorado River at Davis camp park, we stayed at the Belle, it was my first of many trips to Laughlin and we always stayed at the Belle and then the Edgewater. Last time I went was in 2018 and we brought my young stepdaughter who LOVED the Belle! By that time all the upstairs was closed sadly, but we explored the abandoned restaurants etc and had so much fun! I'm really sad the Belle hasn't reopened, it's truly an iconic piece of Laughlin history, bring it back!
My fraternity at NAU used to take fall formals there at the belle. So many great times, the gambling area was so open and just inviting you to sell that text book or meal plan to cover the weekend expenses
I went to laughlin this past week, my first time their. I passed along this Colorado bell, after a few days spent in laughlin, I just felt like something was missing. My gf talk about how Colorado Belle was,made it exciting. Now that I read the comments, I feel like I missed out on a piece of history. So I ask please open this piece of History, and bring back all the memories for the people the attended their on spent their Hard earned money.....
My husband purposed to me here. We raised our daughter coming here and now my daughters boyfriend knows the significance of the Belle to her and wants to also purpose to her there . But it is closed and inaccessible. . A lot of great times here. I wish you would reopen. Or downsize keeping it partially open.
what they need to do with the Colorado Belle and the Edgewater is demolish them and build a riverfront Casino people want to go to with a beach boat parking outdoor bars a nice pool area all the things that Laughlin really doesn't have and should