Fertitta's Golden Nugget opens in Lake Charles

The $700 million Lake Charles project is Fertitta's fifth casino since he took over Golden Nugget casino and hotel properties in Las Vegas and Laughlin, Nev., nine years ago. He later bought and re-branded a Trump facility in Atlantic City, NJ and recently opened a casino in Biloxi, Miss. He operates them through Golden Nugget Casinos, a division of his privately-run company.

His newest property joins L'Auberge and Isle of Capri in Lake Charles. Less than 30 miles in either direction, gamblers can also visit the Coushatta Casino Resort in Kinder and the Delta Downs racetrack in Vinton. Together, they draw millions of visitors each year.

Fertitta, whose parents hail from Louisiana, called the Lake Charles property "the most unique gaming opportunity in America." When it became available, he said, he flew to Vegas and offered a $50 million nonrefundable deposit to then-owner Ameristar to get it.

"I look at Louisiana and Texas almost as one," he said. "You don't notice when you cross the line and people are the same. It's in the South; everyone's nice."

And for opening night, his 740-room hotel was booked.

Chad Beynon, a gaming analyst for Macquarie Securities, called the Lake Charles market healthy in terms of current casino visitors but said he was less convinced more outlets were needed. He said Pinnacle Entertainment, which owns L'Auberge, had the opportunity to build on the Golden Nugget location a few years ago but decided against it.

Yet Beynon said there still appears to be demand in the market.

The L'Auberge Casino Resort opened in 2005 and Pinnacle has invested $100 million in the last three years alone, said Keith Henson, senior vice president and general manager. The company remodeled its 1,000-room hotel and added retail and restaurants.

"We are a total-destination resort and really put Lake Charles on the map," Henson said.

The Isle of Capri and L'Auberge report that 77 percent of their 4.3 million customers come from either 150 miles away or from another state, according to the Louisiana Gaming Control Board.