The dot com boys seem to have done it again, according to target="_blank">a report in this morning’s Las Vegas Sun.

Landry’s Restaurants, the new owner of the Golden Nugget, has had to ‘fess up to the SEC that they actually paid $345 million for the downtown Las Vegas property, not $295 million — the number the company originally announced.

Liz Benston points out that the new number makes it one of the most expensive properties to change hands in recent years. Why? Because “…Landry’s paid more than 12 times the $28 million in operating cash flow generated by the properties in the 12 months leading up to the February sales agreement…”

And that’s a pretty staggering multiple. No other sale has been made at so high a multiple. That means the original $50 million investment earned a 226 percent return.