Golden Nugget and Poster Financial Group
Tom Breitling and Tim Poster were the highest profile successful entrepreneurs who profited in the downtown market during the last crisis. As recounted in Tom Breitling's book, Double or Nothing, the partners agreed to buy the Golden Nugget and had an agreement to sell the property after operating it for only one year. The partners made $113 million in profit called the highest rate of return in such a short time in the gaming industry. Amazingly enough the partners had a negative income for the year and the fortune was made while total revenue for downtown was still basically flat.
| Date | Description |
|---|---|
| Year 2000 | Tom Breitling and Tim Poster sell their web based business for over $100 million |
| Early 2003 | Tom Breitling and Tim Poster begin shopping for a quality affordable casino for their vision of Vintage Vegas |
| Jun 2003 | MGM-Mirage announced an agreement to sell the Golden Nugget (Las Vegas & Laughlin) to Poster Financial Group for $215m |
| Jan 2004 | Binion's Horseshoe across the street from Golden Nugget closed because of IRS liens |
| Jan 2004 | Poster & Breitling take possession of the Golden Nugget. Introduce policy high-limit policy on table games |
| Jun 2004 | Fox Reality Show The Casino about Tim and Tom debuts but quickly cancelled because of dismal ratings |
| Jun 2004 | Tim and Tom are two of the 50 Hottest Bachelors in People Magazine |
| Sep 2004 | High-limit policy policy backfires, as lucky gambler known as Mr. Royalty wins $8.5 million on a 2 week hot streak |
| Dec 2004 | Annual report filed with SEC shows net loss of $9.196m for Poster Financial Group for the year 2004 |
| Dec 2004 | Landry's Restaurant successfully executed a refinancing of $850m |
| Feb 2005 | Agreement of sale entered with Landry's Restaurant for Golden Nugget |
| Sep 2005 | Landry's Restaurant takes possession of the Golden Nugget. |
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