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Landry's acquires rights to pair of planned Disney restaurants WDW - O.B.J. - 2/27/06


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  • Landry's acquires rights to pair of planned Disney restaurants WDW - O.B.J. - 2/27/06

    Landry's Restaurants Inc. says it has bought 80 percent of the newly announced T-Rex restaurant concept and the majority interest in a second Asian concept with the working title of Asia from Schussler Creative Inc. for approximately $7.6 million.

    Houston-based Landry's says the T-Rex concept will be built at Downtown Disney, the resort's retail center, and the Asia concept will be added to the Asia section of Disney's Animal Kingdom theme park as part of the new Expedition Everest attraction. T-Rex would open in early 2008, and the Asia restaurant is scheduled for a summer 2007 opening.

    Schussler is a Minnesota-based, privately held company best known for founder Steve Schussler's creation of the Rainforest Cafe concept, which he sold to Landry's in 2000.

    Schussler has been developing the first T-Rex restaurant, now scheduled to open this summer at The Legends at Village West, a 750,000-square-foot outdoor shopping and entertainment lifestyle center near the Kansas Speedway in Kansas City, Kan.
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  • #2
    Re: Landry's acquires rights to pair of planned Disney restaurants WDW - O.B.J. - 2/27/06

    Landry's Restaurants, Inc. Press Release

    Landry's Acquires T-Rex(TM) Cafe From Schussler Creative, Including Two Disney Restaurant Sites

    HOUSTON, Feb. 27 -- Landry's Restaurants, Inc. , one of the nation's largest casual dining, entertainment and hospitality companies, announced that it has acquired 80 percent of the restaurant concept T-Rex(TM): A Prehistoric Family Adventure(TM), A Place to Eat, Shop, Explore and Discover(TM) from Schussler Creative, Inc. for approximately $7.6 million.

    The acquisition price includes reimbursements for research and development costs, accounts payable, construction draws and pre-opening expenses. In addition, based on the ultimate success of the venture (combined profits of all stores exceeding $20 million), Landry's can acquire Schussler Creative's 20 percent interest for an amount up to an additional $35 million under the agreement.

    T-Rex is a unique attraction that features dining and retail in an interactive prehistoric environment. The concept is built around water, fire and ice. Guests visiting T-Rex will be greeted with life-sized animatronic dinosaurs that live among cascading waterfalls, bubbling geysers, a fossil dig site and much more.

    Locations are planned domestically and internationally. The first is slated to open this spring in The Legends mall in Kansas City, Kansas, with another opening in Downtown Disney® (near Orlando) in early 2008.

    In addition to the T-Rex concept, Landry's has acquired a majority interest in Asia, Schussler Creative's new eatery that is expected to open by summer 2007 inside Disney's Animal Kingdom® Theme Park. Asia will offer full-service and quick-service dining in a setting reminiscent of the western Himalayan foothills in India and Nepal, featuring a rural "village" called Anandapur in a jungle with a tiny town-like section at its center.

    This Asian-fusion concept will feature detailed decor complete with antiques, as well as a retail component that will offer Asian goods ranging from sushi plates to fine teapots.

    "One of the major factors that drew us to this transaction was the chance to expand our operations with Disney," said Landry's President, Chairman and CEO Tilman J. Fertitta. "Our existing three Rainforest Cafes located at Downtown-Disney®, Disney's Animal Kingdom® Theme Park and Disneyland Resort in California generate approximately $80 million in revenue. We feel that the T-Rex and Asian theme concepts are a perfect fit with Disney's unmatched entertainment offerings."

    Schussler Creative Chairman Steve Schussler was the founder and creator of the popular Rainforest Cafe restaurant concept, which Landry's purchased in 2000. Rainforest Cafe has since grown to be one of the most successful Landry's concepts.

    "Landry's is the perfect strategic partner to turn our dream into an ongoing reality," said Steve Schussler. "Landry's has done an excellent job of maintaining the Rainforest Cafe brand as the premier themed eatery in the world. T-Rex uses elements familiar to Rainforest Cafe fans such as animatronics and special effects to create a whole new type of dining experience that takes visitors back in time in an educational and entertaining way."

    About Landry's Restaurants, Inc.

    Landry's Restaurants, Inc., is one of the nation's largest and fastest growing casual-dining and entertainment companies. Publicly traded on the New York Stock Exchange, Landry's owns and operates more than 300 properties, including Landry's Seafood House, Joe's Crab Shack, The Crab House, Rainforest Cafe, Charley's Crab, Willie G's Seafood & Steak House, The Chart House and Saltgrass Steak House. Landry's also owns several icon developments, including Downtown Aquarium complexes in Houston and Denver, Kemah Boardwalk, a magnificent 40-acre, family-oriented themed entertainment destination and the Golden Nugget hotel-casino properties in Las Vegas and Laughlin, Nevada. The Company employs over 38,000 workers in 36 states.

    This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by safe harbors created thereby. Stockholders are cautioned that all forward- looking statements are based largely on the Company's expectations and involve risks and uncertainties, some of which cannot be predicted or are beyond the Company's control. A statement containing a projection of revenues, income, earnings per share, same store sales, capital expenditures, or future economic performance are just a few examples of forward-looking statements. Some factors that could realistically cause results to differ materially from those projected in the forward-looking statements include ineffective marketing or promotions, competition, weather, store management turnover, a weak economy, negative same store sales, the Company's inability or failure to continue its expansion strategy. The Company may not update or revise any forward-looking statements made in this press release.
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