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.
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Last Comments ( 39 )
I was just in Laughlin last week. I was told the reason the Colorado Belle is closed is because it is sinking. Is this a rumor of true. I really miss the place. Stayed there lotta of times.
Laughlin is just not the same without the Colorado Belle. Please Renovate & Re-open! I don't really like going to Laughlin anymore without the Belle
I have been going to Laughlin since the early 80's. The Belle was my absolute favorite place to stay and gamble. The upstairs restaurants and stores were the best. The brewery was great! Way before Pints. Playing live keno and the old style keno machines were my favorite things to do. I haven't been back to Laughlin since the Belle closed. So many great memories would be too painful to see it closed. My hope is that Golden will put some money into it and reopen.
We lived in Bullhead City for 3 years and it was a pleasure woke up anytime of the night and go straight to the Colorado Belle. Picking through wish door we will enter will started our gambling game. Not without stop at front and and rub the bell for good luck, that after cut a small piece of rosemary and put on my pocket.. ( for good luck)pocket that it will be full of money from "hitting " a lucky strike . Other times we just leave with the satisfaction of the friendly people working there and a full belly. THE PEOPLE is what make the Belle feel like home. So many emotions ! So wonderful memories! Now The Colorado Belle sit there waiting, not to depart but to share the memories We just dreaming to someday cross that door even to do some shopping . Nostalgic me.
We have been going to the belle since it opened, It has it,s own uniqueness, It,s busy when the others are dead I Love that blueberry beer and the food is not bad at the brewery , Hope golden reopens the belle, But if it,s not making money then thats another story , Bring it back
We've been coming to Laughlin since the 1980s, staying at the Edgewater & the Belle and at the Belle we would always get a balcony room bc when done with gambling, was nice to come back & sit out there & have our own little "happy hour" before going back out to gamble again. Back when they used to have events right on the river walk such as the Oktoberfest & Mardi Gras, was nice to sit there & watch the show as well as people watch. Was the best times & we so hope it opens back up someday. We, like some others, don't even go to Laughlin much after the closure of the Belle. It's just not the same. And to comment on one review...turn it into a 'mega resort' like Cancun ? Really ? No, I don't believe that's what the Belle needs nor the future of Laughlin. Laughlin is what it is, a desert oasis either it's own destination or a town you stay in while passing through to other destinations. It is NOT Vegas and it is NOT Cancun. It has its own charm without the crowds, glamor & glitz of Vegas and in my opinion, if you want Vegas or Cancun, then go to Vegas or Cancun. Every place doesn't need to be a copy of other places. Let it stand on its own uniqueness.
i cant say how much we miss it, such great memories and a comfortable and affordable hotel, everything you needed parking was great, access was great just heartbroken to see it sitting abandoned, loved the pool and jacuzzi was awesome, such a peaceful and serene surroundings too , easy to navigate pints had one of the best pizzas weve ever had!!!! beer too, our favorite was blueberry. i look forward to the day we can walk through the front doors of this casino again sometime in the near future and re-live some beautiful times there sincerely janet
Great place for Texas hold 'em and fun Cleopatra slots!
I was at the opening of this Hotel and Casino in 1980 for my honeymoon and we just loved it. Visited a number of times since. Hoping that one day soon I can come again.
It was our favorite Casino in Laughlin, such a great place to kick back and enjoy yourself - can not believe it is still closed. Wish they would all just leave these Casino's alone, stop changing them - everything has to be the latest and greatest with them - something to be said for nostalgia! They seem to want to cater to the younger crowd with the crazy slot machines, etc., - it's the older people who have the money to spend NOT the younger ones - do not understand their business thought process - they should be catering to the older crowd who contribute to their profits - dummies!!!
Let the people know what’s going on with the Belle, so you don’t have to listen the rumors!
Hopefully Golden sells the Colorado Belle and Edgewater and Aquarius to a highly capitalized company. They need to replace those casinos with Vegas style mega resorts that have a Cancun style beach theme. That’s what is best for Laughlin’s future. Clearly, Golden doesn’t have the capital to make it happen.
I don't know why golden can't open the belle casino. I mis pints brewery and the belles relaxing casino. You can leave the hotel closed but still make gaming profitable.
my wife and i spent years coming to the belle and now its not there we dont frequent laughlin any more, it was such a compfortable place to come to then of course change had to come or is it greed ?? Leave what works alone !!!
I miss the Belle a lot, it has a one of a kind look. It completed the river walk. Walking around it through the parking lot on a hot day is a real buzz kill !