In addition, the strategy of attracting higher level casino players created significant volatility in the first year of operations.Īcquisition of the Golden Nugget casinos The television series received ratings below expectations and was canceled after one season. The Poster Financial Group's ownership encountered some difficulties. The board however, issued them four-year licenses, with an option to apply for permanent licenses in January 2005. The Nevada Gaming Control Board recommended that they be licensed for only one year. They faced some difficulty in obtaining the necessary casino licenses because of their friendship with Rick Rizzolo, a strip club owner being investigated by the FBI and because of Poster's uncle who was denied a gaming license because of his alleged association with known illegal bookmakers. Poster and Breitling had no casino ownership experience before acquiring the Golden Nugget. Tennis star Andre Agassi, a Las Vegas native, was also an investor. When the company was founded, its initial investors included, an internet travel site. Timothy Poster and Thomas Breitling, two young (mid-30s) entrepreneurs, formed Poster Financial Group as a private investment firm. Although the Golden Nugget was profitable, it was not part of the master expansion plan of the corporation which was focused on consolidating a long stretch of the Strip, so MGM looked to sell the Golden Nugget. The company was acquired in 2000 by MGM Grand Inc., which then changed its name to MGM Mirage, for $6.4 billion, including $2 billion in assumed debt, after an initial all-cash offer of $17 per share and a final offer of $21 per share. The company would later open other notable projects such as the Treasure Island Hotel and Casino and the Bellagio. Afterwards Wynn decided to invite Cirque to create Mystère for the soon-to-be-built Treasure Island resort next door. Known for its entertainment, the hotel became the exclusive venue for the Siegfried & Roy show in 1990, and in 1993 the hotel hosted the Cirque du Soleil show Nouvelle Expérience. Its construction is also considered noteworthy in that Wynn had set a new standard for Vegas resorts, and when it opened The Mirage was the first casino to use security cameras full-time on all table games. The hotel, with its erupting volcano and South Seas theme, ignited a $12 billion building boom on the Strip. The resort's high cost and emphasis on luxury meant that it was considered high risk at the time, though the project ended up being enormously lucrative. Financing the $630 million project largely with high-yield bonds issued by Michael Milken. Following the completion, the company changed its name to Mirage Resorts. The company expanded into the Las Vegas Strip in 1989, with the opening of The Mirage. In 1989, the company acquired the Nevada Club casino in Laughlin, Nevada, and re-branded it as the Golden Nugget Laughlin. The company's interest in Atlantic City did not last very long due to frustration with state gaming regulators, and in 1987, the property was sold to Bally's Entertainment, and eventually became Bally's Grand Hotel and Casino. The Las Vegas casino also expanded, with a second and third tower opened in 19, respectively, which included a showroom. In 1980, the company opened the Golden Nugget Atlantic City (not to be confused with the current Golden Nugget Atlantic City) in New Jersey. The first hotel tower opened in 1977, which lead for the property to get awarded a four diamond rating from Mobil Travel Guide. Once gaining the controlling sharehold, Wynn created Golden Nugget Companies Inc. Under Wynn, the casino brand expanded greatly. Wynn later became the majority stakeholder in 1973, making him the youngest casino owner in Las Vegas. Over time, notable members of the ownership group featured Jackie Gaughan and Steve Wynn. The Golden Nugget Las Vegas opened in 1946 in Downtown Las Vegas. The company runs as a division of Landry's Hospitality within the Fertitta Entertainment portfolio. The original location was the Golden Nugget Las Vegas which opened in 1946. It currently operates six casino resorts in Nevada, Louisiana, New Jersey, Illinois, and Mississippi. Golden Nugget Hotels & Casinos is an American chain of luxury hotels and casinos. Golden Nugget Lake Charles in Lake Charles, Louisiana
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