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Landry’s to buy Golden Nugget Casino

Call it a Vegas marriage of "fish and chips." Or maybe a fish nugget.

A year after jumping into the gambling industry with their first big casinos deal, the owners of downtown’s historic Golden Nugget casino have sold the property to the owner of the Landry’s and Joe’s Crab Shack restaurants for about $295 million.

The Poster Financial Group, a private investment firm established by Internet millionaires Timothy Poster and Tom Breitling, sold the 4,000-square-foot casino and 1,907-room hotel — downtown’s largest and most upscale — to Houston-based Landry’s Restaurants Inc.

The deal, which includes $140 million cash and the assumption of $155 million in debt, is subject to approval by Nevada gambling regulators.

Poster and Breitling, who announced they were buying the Nugget casino and the Golden Nugget Laughlin for $215 million in June 2003 and completed the transaction in January 2004, capitalized much of their acquisition from MGM Mirage with funds realized from the sale of an online reservation company.

Poster and Breitling announced in November they were selling the Laughlin property to Barrick Gaming Corp. for $31 million.

Publicly traded Landry’s, which operates a variety of casual-dining and entertainment companies, owns more than 300 restaurants, including the Rainforest Cafe chain.

Read the entire article at: Las Vegas Sun 

2004 Online Casino News Archive


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