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Golden Nugget Sale Completed - Tim and Tom Cancelled Again

By Chuckmonster on Tuesday, 27th September 2005 4:29pm
  » filed under Las Vegas  comments: 0

   

Landry's Restaurants, Inc. (NYSE: LNY - News), one of the nation's largest casual dining and entertainment companies, announced today it has closed the purchase of the landmark Golden Nugget Casino and Hotel in downtown Las Vegas and the Golden Nugget Casino and Hotel in Laughlin, Nevada from PB Gaming, Inc. by acquiring the stock of Poster Financial Group, Inc. ("Poster") for $140 million in cash and the assumption of $155 million of Senior Secured Notes due 2011, as well as certain working capital liabilities, including house banks in the amount of $23 million and Poster's existing credit facility.

The acquisition was subject to regulatory approvals, including the Nevada Gaming Commission, which were completed today.

"Landry's is thrilled to add casino gaming to a varied and diverse collection of entertainment offerings that already includes casual and fine dining, hospitality and aquarium properties," said Tilman Fertitta, Chairman, President and CEO of Landry's. "The Golden Nugget is the premier property in downtown Las Vegas, has outstanding brand recognition across the country, and is a perfect fit for us. In addition, the Golden Nugget in Laughlin provides us a second gaming property in an established market. Landry's operating skill and steady leadership will help boost the Golden Nugget to a new level of performance and satisfaction."



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