The Weekly Treasure, Week of November 20th, $1M beef cellar

Stay Updated with Finance and Economy News | The Weekly Treasure
Ben Verschuere - Chief Investment Officer
|
November 20, 2023

Hi Treasure Friends,

We hope you are well ahead of the shortened week in the US. The big news in the economy last week was inflation cooling down; now back to 3.2% on an annualized basis.

What the Treasure Team is reading​

​​From the Treasure chest...

$1M beef cellar: Finally,  Peter Luger Steak House Las Vegas is open for business, providing its famed, butter-bathed porterhouse and ribeyes to carnivores in Sin City. But the new location is not an exact replica of the no-frills, cash-only Brooklyn flagship, where the brusque service and always-crowded tables are almost as famous as the well-aged meat. For one thing, there’s the sheer volume of steak on site. The new steakhouse, which threw open its doors in Caesars Palace Las Vegas Hotel and Casino on Nov. 1, just in time for the inaugural F1 Las Vegas Grand Prix, has a 14,000-square-foot footprint. (It replaced another legendary New York dining room, Rao’s.) About 20% of the new restaurant is dedicated to a lower-level dry aging room that’s filled with USDA prime beef.  “We’ve got well over $1 million of beef aging in that room,” says Daniel Turtel, vice president of Peter Luger. His great-grandfather Sol Forman purchased the steakhouse in 1950 from its founder, Peter Luger, who launched the original location in 1887.

Have a great week!

The Treasure Team

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