LNY » Topics » Interest Rate Risk

This excerpt taken from the LNY 10-Q filed May 11, 2009.

Interest Rate Risk

Total debt at March 31, 2009 included $184.9 million of floating-rate debt attributed to borrowings at an average interest rate of 10.9%. As a result, our annual interest cost in 2009 will fluctuate based on short-term interest rates.

Consistent with our policy to manage our exposure to interest rate risk, and in conformity with the requirements of our first and second lien facilities, we entered into interest rate swaps with notional amounts covering all of the first and second lien borrowings of the Golden Nugget. The hedges are designed to convert the lien facilities’ floating interest rates to fixed rates at between 5.4% and 5.5%, plus the applicable margin.

The impact on annual cash flow of a ten percent change in the floating-rate (approximately 1.1%) would be approximately $2.0 million annually based on the floating-rate debt and other obligations outstanding at March 31, 2009; however, there are no assurances that possible rate changes would be limited to such amounts.

 

ITEM 4. Controls and Procedures

Our Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13e-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)) as of March 31, 2009, the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2009, our disclosure controls and procedures were effective to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. During the three months ended March 31, 2009, there was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

This excerpt taken from the LNY 10-K filed Mar 16, 2009.

Interest Rate Risk

Total debt at December 31, 2008 included $42.2 million of floating-rate debt attributed to borrowings at an average interest rate of 8.51%. As a result, our annual interest cost in 2009 will fluctuate based on short-term interest rates.

Consistent with our policy to manage our exposure to interest rate risk, and in conformity with the requirements of the first and second lien facilities, we entered into interest rate swaps with notional amounts covering all of the first and second lien borrowings of the Golden Nugget. The hedges are designed to convert the lien facilities’ floating interest rates to fixed interest rates at between 5.4% and 5.5%, plus the applicable margin.

The impact on annual cash flow of a ten percent change in the floating-rate (approximately 0.9%) would be approximately $0.4 million annually based on the floating-rate debt and other obligations outstanding at December 31, 2008; however, there are no assurances that possible rate changes would be limited to such amounts.

This excerpt taken from the LNY 10-Q filed Nov 10, 2008.

Interest Rate Risk

Total debt at September 30, 2008 included $64.0 million of floating-rate debt attributed to borrowings at an average interest rate of 5.0%. As a result, our annual interest cost in 2008 will fluctuate based on short-term interest rates.

 

34


Index to Financial Statements

Consistent with our policy to manage our exposure to interest rate risk, and in conformity with the requirements of our first and second lien facilities, we entered into interest rate swaps with notional amounts covering all of the first and second lien borrowings of the Golden Nugget. The hedges are designed to convert the lien facilities’ floating interest rates to fixed rates at between 5.4% and 5.5%, plus the applicable margin.

The impact on annual cash flow of a ten percent change in the floating-rate (approximately 0.5%) would be approximately $0.3 million annually based on the floating-rate debt and other obligations outstanding at September 30, 2008; however, there are no assurances that possible rate changes would be limited to such amounts.

 

ITEM 4. Controls and Procedures

Our Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13e-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)) as of September 30, 2008, the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2008, our disclosure controls and procedures were effective to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. During the nine months ended September 30, 2008, there was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

This excerpt taken from the LNY 10-Q filed Aug 11, 2008.

Interest Rate Risk

Total debt at June 30, 2008 included $97.0 million of floating-rate debt attributed to borrowings at an average interest rate of 4.4%. As a result, our annual interest cost in 2008 will fluctuate based on short-term interest rates.

Consistent with our policy to manage our exposure to interest rate risk, and in conformity with the requirements of our first and second lien facilities, we entered into interest rate swaps with notional amounts covering all of the first and second lien borrowings of the Golden Nugget. The hedges are designed to convert the lien facilities’ floating interest rates to fixed rates at between 5.4% and 5.5%, plus the applicable margin.

The impact on annual cash flow of a ten percent change in the floating-rate (approximately 0.4%) would be approximately $0.4 million annually based on the floating-rate debt and other obligations outstanding at June 30, 2008; however, there are no assurances that possible rate changes would be limited to such amounts.

 

ITEM 4. Controls and Procedures

Our Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13e-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)) as of June 30, 2008, the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2008, our disclosure controls and procedures were effective to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. During the six months ended June 30, 2008, there was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

This excerpt taken from the LNY 10-Q filed May 12, 2008.

Interest Rate Risk

Total debt at March 31, 2008 included $95.0 million of floating-rate debt attributed to borrowings at an average interest rate of 5.1%. As a result, our annual interest cost in 2008 will fluctuate based on short-term interest rates.

Consistent with our policy to manage our exposure to interest rate risk, and in conformity with the requirements of our first and second lien facilities, we entered into interest rate swaps with notional amounts covering all of the first and second lien borrowings of the Golden Nugget. The hedges are designed to convert the lien facilities’ floating interest rates to fixed rates at between 5.4% and 5.5%, plus the applicable margin.

The impact on annual cash flow of a ten percent change in the floating-rate (approximately 0.5%) would be approximately $0.5 million annually based on the floating-rate debt and other obligations outstanding at March 31, 2008; however, there are no assurances that possible rate changes would be limited to such amounts.

 

ITEM 4. Controls and Procedures

Our Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13e-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)) as of March 31, 2008, the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2008, our disclosure controls and procedures were effective to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. During the three months ended March 31, 2008, there was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

These excerpts taken from the LNY 10-K filed Mar 17, 2008.

Interest Rate Risk

Total debt at December 31, 2007 included $99.0 million of floating-rate debt attributed to borrowings at an average interest rate of 7.5%. As a result, our annual interest cost in 2008 will fluctuate based on short-term interest rates.

In connection with the 7.5% senior notes due 2014, we entered into two interest swap agreements with the objective of managing our exposure to interest rate risk and lowering interest expense. The agreements were effective December 2004 and March 2005, for an aggregate notional amount of $100.0 million. We settled these swap agreements in December 2007 for a pre-tax cash gain of approximately $1.0 million.

Consistent with our policy to manage our exposure to interest rate risk, and in conformity with the requirements of the first and second lien facilities, we entered into interest rate swaps with notional amounts covering all of the first and second lien borrowings of the Golden Nugget. The hedges are designed to convert the lien facilities’ floating interest rates to fixed interest rates at between 5.4% and 5.5%, plus the applicable margin.

The impact on annual cash flow of a ten percent change in the floating-rate (approximately 0.8%) would be approximately $0.7 million annually based on the floating-rate debt and other obligations outstanding at December 31, 2007; however, there are no assurances that possible rate changes would be limited to such amounts.

Interest Rate Risk


Total debt at December 31, 2007 included $99.0 million of floating-rate debt attributed to borrowings at an average interest rate of 7.5%. As a
result, our annual interest cost in 2008 will fluctuate based on short-term interest rates.

In connection with the 7.5% senior notes due
2014, we entered into two interest swap agreements with the objective of managing our exposure to interest rate risk and lowering interest expense. The agreements were effective December 2004 and March 2005, for an aggregate notional amount of
$100.0 million. We settled these swap agreements in December 2007 for a pre-tax cash gain of approximately $1.0 million.

Consistent with
our policy to manage our exposure to interest rate risk, and in conformity with the requirements of the first and second lien facilities, we entered into interest rate swaps with notional amounts covering all of the first and second lien borrowings
of the Golden Nugget. The hedges are designed to convert the lien facilities’ floating interest rates to fixed interest rates at between 5.4% and 5.5%, plus the applicable margin.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">The impact on annual cash flow of a ten percent change in the floating-rate (approximately 0.8%) would be approximately $0.7 million annually based on
the floating-rate debt and other obligations outstanding at December 31, 2007; however, there are no assurances that possible rate changes would be limited to such amounts.

FACE="Times New Roman" SIZE="2">
ITEM 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The financial statement
schedule is set forth commencing on page 40.

This excerpt taken from the LNY 10-Q filed Nov 9, 2007.

Interest Rate Risk

Total debt at September 30, 2007 included $197.0 million of floating-rate debt attributed to borrowings at an average interest rate of 7.37%. As a result, our annual interest cost in 2007 will fluctuate based on short-term interest rates. The impact on annual cash flow of a ten percent change in the floating-rate (approximately 0.7%) would be approximately $1.5 million annually based on the floating-rate debt and other obligations outstanding at September 30, 2007; however, there are no assurances that possible rate changes would be limited to such amounts.

 

29


Index to Financial Statements

Consistent with our policy to manage our exposure to interest rate risk and in conformity with the requirements of the first and second lien facilities we entered into interest rate swaps for all of the first and second lien borrowings of the Golden Nugget that fix the interest rates at between 5.4% and 5.5%, plus the applicable margin with the objective of limiting our exposure to increases in interest rates.

In connection with the 7.5% senior notes due 2014, we entered into interest rate swap agreements with a total notional value of $100.0 million. As a result of the exchange offer, these swaps are no longer considered effective hedges.

 

ITEM 4. Controls and Procedures

Our Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13e-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)) as of September 30, 2007, the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were not effective as of September 30, 2007 as discussed in our Form 10-K for the year ended December 31, 2006. During the nine months ended September 30, 2007, there was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

30


Index to Financial Statements
This excerpt taken from the LNY 10-Q filed Aug 14, 2007.

Interest Rate Risk

Total debt at June 30, 2007 included $566.6 million of floating-rate debt attributed to borrowings at an average interest rate of 7.76%. As a result, our annual interest cost in 2007 will fluctuate based on short-term interest rates. The impact on annual cash flow of a ten percent change in the floating-rate (approximately 0.8%) would be approximately $4.4 million annually based on the floating-rate debt and other obligations outstanding at June 30, 2007; however, there are no assurances that possible rate changes would be limited to such amounts.

In connection with the 7.5% senior notes due 2014, we have entered into interest rate swap agreements with a total notional value of $100.0 million with the objective of managing our exposure to interest rate risk and lowering interest expense.

Subsequent to June 30, 2007, we have entered into interest rate swaps for substantially all the first and second lien borrowings of the Golden Nugget that fix the interest rates at between 5.4% and 5.5%, plus the applicable margin.

This excerpt taken from the LNY 10-Q filed Aug 13, 2007.

Interest Rate Risk

Total debt at March 31, 2007 included $232.7 million of floating-rate debt attributed to borrowings at an average interest rate of 7.4%. As a result, our annual interest cost in 2007 will fluctuate based on short-term interest rates. The impact on annual cash flow of a ten percent change in the floating-rate (approximately 0.7%) would be approximately $1.7 million annually based on the floating-rate debt and other obligations outstanding at March 31, 2007, however, there are no assurances that possible rate changes would be limited to such amounts.

 

27


Index to Financial Statements

In connection with the 7.5% senior notes due 2014, we have entered into interest rate swap agreements with a total notional value of $100.0 million with the objective of managing our exposure to interest rate risk and lowering interest expense.

This excerpt taken from the LNY 10-K filed Aug 10, 2007.

Interest Rate Risk

Total debt at December 31, 2006 included $239.4 million of floating-rate debt attributed to borrowings at an average interest rate of 7.7%. As a result, our annual interest cost in 2007 will fluctuate based on short-term interest rates.

 

34


Table of Contents

In connection with the 7.5% senior notes due 2014, we entered into two interest swap agreements with the objective of managing our exposure to interest rate risk and lowering interest expense. The agreements were effective December 2004 and March 2005, and mature in December 2014 for an aggregate notional amount of $100.0 million.

The impact on annual cash flow of a ten percent change in the floating-rate (approximately 0.8%) would be approximately $1.8 million annually based on the floating-rate debt and other obligations outstanding at December 31, 2006; however, there are no assurances that possible rate changes would be limited to such amounts. Certain holders of our Senior Notes have attempted to accelerate the Notes. If we are unsuccessful in permanently rescinding the attempted acceleration, we will be required to obtain alternative financing which will result in higher interest rates.

 

ITEM 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The financial statement schedule is set forth commencing on page 66.

 

ITEM 9.    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

We have had no disagreements with our accountants on any accounting or financial disclosures.

 

ITEM 9A.   CONTROLS AND PROCEDURES
This excerpt taken from the LNY 10-Q filed Nov 9, 2006.

Interest Rate Risk

Total debt at September 30, 2006 included $390.4 million of floating-rate debt attributed to borrowings at an average interest rate of 7.4%. As a result, our annual interest cost in 2006 will fluctuate based on short-term interest rates. The impact on annual cash flow of a ten percent change in the floating-rate (approximately 0.7%) would be approximately $2.9 million annually based on the floating-rate debt and other obligations outstanding at September 30, 2006, however, there are no assurances that possible rate changes would be limited to such amounts.

In connection with the 7.5% senior notes due 2014, we have entered into interest rate swap agreements with a total notional value of $100.0 million with the objective of managing our exposure to interest rate risk and lowering interest expense.

This excerpt taken from the LNY 10-Q filed Aug 9, 2006.

Interest Rate Risk

Total debt at June 30, 2006 included $385.0 million of floating-rate debt attributed to borrowings at an average interest rate of 7.2%. As a result, our annual interest cost in 2006 will fluctuate based on short-term interest rates.

In connection with the 7.5% senior notes due 2014, we have entered into interest rate swap agreements with a total notional value of $100.0 million with the objective of managing our exposure to interest rate risk and lowering interest expense.

The impact on annual cash flow of a ten percent change in the floating-rate (approximately 0.7%) would be approximately $2.8 million annually based on the floating-rate debt and other obligations outstanding at June 30, 2006, however, there are no assurances that possible rate changes would be limited to such amounts.

This excerpt taken from the LNY 10-Q filed May 10, 2006.

Interest Rate Risk

Total debt at March 31, 2006 included $362.0 million of floating-rate debt attributed to borrowings at an average interest rate of 6.9%. As a result, our annual interest cost in 2006 will fluctuate based on short-term interest rates.

In connection with the 7.5% senior notes due 2014, the Company has entered into interest rate swap agreements with a total notional value of $100.0 million with the objective of managing our exposure to interest rate risk and lowering interest expense.

The impact on annual cash flow of a ten percent change in the floating-rate (approximately 0.7%) would be approximately $2.5 million annually based on the floating-rate debt and other obligations outstanding at March 31, 2006, however, there are no assurances that possible rate changes would be limited to such amounts.

This excerpt taken from the LNY 10-K filed Mar 16, 2006.

Interest Rate Risk

 

Total debt at December 31, 2005 included $344.5 million of floating-rate debt attributed to borrowings at an average interest rate of 6.3%. As a result, our annual interest cost in 2005 will fluctuate based on short-term interest rates.

 

In connection with the 7.5% senior notes due 2014, we entered into two interest swap agreements with the objective of managing our exposure to interest rate risk and lowering interest expense. The agreements were effective December 2004 and March 2005, and mature in December 2014 for an aggregate notional amount of $100.0 million.

 

The impact on annual cash flow of a ten percent change in the floating-rate (approximately 0.6%) would be approximately $2.2 million annually based on the floating-rate debt and other obligations outstanding at December 31, 2005, however, there are no assurances that possible rate changes would be limited to such amounts.

 

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

The financial statements are set forth commencing on page 41.

 

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

On April 30, 2004, Ernst & Young LLP (“E&Y”) was dismissed as independent public accountants for the Company, effective upon that date, and on May 3, 2004, Grant Thornton LLP was appointed as the new independent public accountants for the Company to replace E&Y for the fiscal year ending December 31, 2004. The decision to dismiss E&Y and to appoint Grant Thornton LLP was recommended by the Audit Committee of the Company’s Board of Directors and was approved by the Company’s Board of Directors. The decision to dismiss E&Y was the result of the Company’s and E&Y’s conclusion to discontinue the client-auditor relationship.

 

E&Y’s reports on the Company’s financial statements for the past two fiscal years did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.

 

We have had no disagreements with our accountants on any accounting or financial disclosures.

 

ITEM 9A.    CONTROLS AND PROCEDURES

 

This excerpt taken from the LNY 10-Q filed Nov 9, 2005.

Interest Rate Risk

 

Total debt at September 30, 2005 included $345.9 million of floating-rate debt attributed to borrowings at an average interest rate of 6.02%. As a result, our annual interest cost in 2005 will fluctuate based on short-term interest rates.

 

In connection with the 7.5% senior notes due 2014, the Company has entered into interest rate swap agreements with a total notional value of $100.0 million with the objective of managing our exposure to interest rate risk and lowering interest expense.

 

The impact on annual cash flow of a ten percent change in the floating-rate (approximately 0.6%) would be approximately $2.1 million annually based on the floating-rate debt and other obligations outstanding at September 30, 2005, however, there are no assurances that possible rate changes would be limited to such amounts.

 

This excerpt taken from the LNY 10-Q filed Aug 9, 2005.

Interest Rate Risk

 

Total debt at June 30, 2005 included $249.3 million of floating-rate debt attributed to borrowings at an average interest rate of 5.7%. As a result, our annual interest cost in 2005 will fluctuate based on short-term interest rates.

 

In connection with the 7.5% senior notes due 2014, the Company has entered into interest rate swap agreements with a total notional value of $100.0 million with the objective of managing our exposure to interest rate risk and lowering interest expense.

 

The impact on annual cash flow of a ten percent change in the floating-rate (approximately 0.6%) would be approximately $1.4 million annually based on the floating-rate debt and other obligations outstanding at June 30, 2005, however, there are no assurances that possible rate changes would be limited to such amounts.

 

This excerpt taken from the LNY 10-Q filed May 10, 2005.

Interest Rate Risk

 

Total debt at March 31, 2005 included $249.6 million of floating-rate debt attributed to borrowings at an average interest rate of 5.1%. As a result, our annual interest cost in 2005 will fluctuate based on short-term interest rates.

 

21


Table of Contents

In connection with the 7.5% senior notes due 2014, the Company has entered into interest swap agreements with a total notional value of $100.0 million with the objective of managing our exposure to interest rate risk and lowering interest expense.

 

The impact on annual cash flow of a ten percent change in the floating-rate (approximately 0.5%) would be approximately $1.3 million annually based on the floating-rate debt and other obligations outstanding at March 31, 2005, however, there are no assurances that possible rate changes would be limited to such amounts.

 

ITEM 4. Controls and Procedures

 

Our Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13e-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)) as of March 31, 2005, the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of March 31, 2005.

 

During the three months ended March 31, 2005, there was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

22


Table of Contents
This excerpt taken from the LNY 10-K filed Mar 16, 2005.

Interest Rate Risk

 

Total debt at December 31, 2004 included $200.0 million of floating-rate debt attributed to borrowings at an average interest rate of 5.8%. As a result, our annual interest cost in 2005 will fluctuate based on short-term interest rates.

 

In connection with the 7.5% senior notes due 2014, the Company entered into an interest swap agreement with the objective of managing our exposure to interest rate risk and lowering interest expense. The agreement was effective beginning December 2004 and matures in ten years for an aggregate notional amount of $50 million.

 

The impact on annual cash flow of a ten percent change in the floating-rate (approximately 0.6%) would be approximately $1.2 million annually based on the floating-rate debt and other obligations outstanding at December 31, 2004, however, there are no assurances that possible rate changes would be limited to such amounts.

 

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

The financial statements are set forth commencing on page 47.

 

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

On April 30, 2004, Ernst & Young LLP (“E&Y”) was dismissed as independent public accountants for Landry’s Restaurants, Inc. (the “Company”), effective upon that date, and on May 3, 2004, Grant Thornton LLP was appointed as the new independent public accountants for the Company to replace E&Y for the fiscal year ending December 31, 2004. The decision to dismiss E&Y and to appoint Grant Thornton LLP was recommended by the Audit Committee of the Company’s Board of Directors and was approved by the Company’s Board of Directors. The decision to dismiss E&Y was the result of the Company’s and E&Y’s conclusion to discontinue the client-auditor relationship.

 

E&Y’s reports on the Company’s financial statements for the past two fiscal years did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.

 

We have had no disagreements with our accountants on any accounting or financial disclosures.

 

On July 30, 2002, Arthur Andersen LLP (“Andersen”) was dismissed as independent public accountants for Landry’s Restaurants, Inc. (the “Company”) effective upon that date and Ernst & Young LLP was appointed as the new independent public accountants for the Company to replace Andersen for the fiscal year ending December 31, 2002.

 

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Table of Contents
ITEM 9A. CONTROLS AND PROCEDURES

 

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