Features
Golden Nugget Sold
For the second time in a little more than a year, the
Landry’s Restaurants, a Houston-based casual seafood restaurant chain, agreed to purchase the downtown property from Poster Financial Group for $140 million in cash and $155 million in debt assumption.
Poster Financial Group owners Timothy Poster and Thomas Breitling – who founded Travelscape.com and later sold it to Expedia – bought the Las Vegas and Laughlin, Nev., Golden Nuggets in January 2004 from MGM Mirage for $215 million. Longtime owner Steve Wynn sold the casinos to MGM in 2000.
Poster and Breitling sold the Laughlin property in November to Barrick Gaming Corp. for $31 million.
Golden Nugget VP of Entertainment Joe Leone told Pollstar it was still too early to comment on any possible changes to the casino’s live entertainment policy.
“We’re still going through the process of the actual sale,” he said. “As of now, all contracts are in force.”
The casino occupies more than eight acres of downtown Las Vegas and features three live music rooms with capacities ranging from 250 to 800.
Licensing for Landry’s is expected to take at least a year. The company operates more than 300 restaurants across the U.S., including four in Las Vegas.