Posted: Sep 16, 2020
Landry's CEO and Chairman Tilman Fertitta told CNBC on Tuesday that restaurants that manage to survive the coronavirus pandemic should be able to apply valuable lessons that could make their businesses more profitable. The billionaire restaurant and casino owner said 2022 "could be a spectacular year."
"I've never been one to always look out 15 months, but that's what we have to do today," Fertitta said on "Power Lunch." "Because if we can get back, all companies, flat to negative 10% in same-store sales, I think these companies are going to have 10% better profits than they were going to have before this pandemic even started, because we've all learned to operate so much more efficiently."
He pointed to the upcoming resumption of indoor dining in New York City, despite being limited to 25% capacity, as another good sign for the industry. Casinos also recently were allowed to reopen in New York state.
However, Fertitta warned of a challenging few months ahead as the weather turns cold in many parts of the U.S. and the coronavirus coincides with seasonal influenza.
By Kevin Stankiewicz
Source and Complete Article by: cnbc.com
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