Internet tycoons promise ‘traditional Vegas experience’ Golden Nugget casino to be sold

[Dante]

MGM Mirage said it will sell two Golden Nugget casinos in Las Vegas and Laughlin, Nev., for $215 million to a firm operated by the founders of Internet company Travelscape .com. MGM Mirage expects to record a gain on the sale to private investment firm Poster Financial Group Inc., the casino operator said Wednesday.


Timothy Poster and Thomas Breitling, the entrepreneurs who founded the revolutionary travel website Travelscape.com, announced their plans to purchase the Golden Nugget hotel-casinos in downtown Las Vegas and Laughlin, Nevada, from MGM MIRAGE (NYSE: MGG) for approximately $215 million. Poster and Breitling are the founders of Poster Financial Group, Inc. (PFG), which they are using as a vehicle to enter the Las Vegas casino market.


'Today, almost all of the casinos in Las Vegas are owned and operated by large corporations and many have lost the individual personality that scores of loyal visitors, particularly dedicated players, find so attractive and exciting,' said Poster, PFG's Chairman and CEO. 'We want to revive that bygone Vegas feel and make the Golden Nugget properties the first choice of visitors who long for that traditional Las Vegas experience.'

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[krackman]

Funny thing is I actually know Tim and guess what.. He has offshore sportsbook accounts and is a HUGE gambler. He is also a mini whale in the casino blows 100k a night.

I love the Golden Nugget and hope things do not change for the worse if his group takes over. My opinion is it doesn't go through but I wish him well either way.

 

[tatehill2000]

Krak,,
1 question,,, lets say he does get approval,,, Im sure with his compnays Incorperation, he might be able to Gamble in VEGAS BUT,,.. would that exclude him from gambling in his OWN casino?
thnaks,,
Tater

 

[krackman]

Tater- What would be the point of winning or losing to yourself? Though he would save a lot of money by not blowing it at other casinos. He can even give himself a big % of his losses back.

I think the NGB would not let him do it though.

 

[max1234]

I hope "traditional Las Vegas experience " means letting the casino hosts handle the comps vs some dumb ass clerk at the checkout counter.

 

[krackman]

Max I couldn't agree more. The powers that be at these factories know very little about the casino side of things. They are numbers men put there to watch the bottom line. Some couldn't pay a $10 blackjack.

 

[slots]

The Laughlin Nugget is a dead duck. It couldnt be sold for a $1. It makes no money, and the town was killed by tribal gaming in Calif. Even been there? It's all heat and mosqitos by that crap river. In the Wynn days, you could be sent their as an Exec as punishment lol. The downtown Nug is a good hotel..but I donno...I wouldnt want it.

 

[JoeyC]

Slots:

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>I wouldnt want it <HR></BLOCKQUOTE>

Neither did the MGM people.

Any division or property that a drag on earnings for a pub traded company hurts stock performance/ bond ratings etc.