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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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