Online Casino Gambling News - by Gamblers Lodge

Golden Nugget Casino Officially Bought Out

Here’s a new one for the Las Vegas entrepreneur…If you are going to open a casino, it does not matter what your prior profession was.  What matters is what you know about running a casino.  And if you actually do know anything about operating a casino, you would know that unless you have a whole lot of money and know AND trust a whole lot of people, what used to be your old profession will be no more - You will be the casinos slave. 

There’s no such thing as a ma and pa casino, or for a more fitting phrase, a friend and friend casino.  Just look at the Golden Nugget Casino, formerly owned by Timothy Poster and Tom Breitling.  The pair had officially owned the historic gambling icon for less than a year, when they recently announced they would be selling it to Landry’s Restaurants Inc., which is a very large company in Houston that operates several hospitality and casual dining restaurant chains like Joes Crab Shack.  Landry’s also operates several large aquariums, and bills itself as a provider of entertainment. 

Well, if you have ever been in Joes, you would know it is no Lucky Nugget Casino.  However, Joes was one of the first successful entertaining restaurants, so to speak – And if Landry’s can make the Nugget just as entertaining, and can manage the casinos books with a wise and experienced eye, it may just stand a chance, unlike Tim and Tom.

Many feel that Tim and Tom set themselves up by agreeing to do “The Casino” reality television show, and eventually succumbed under the pressure of the cameras to make risky and dramatic decisions, such as excessively indulging a few ungrateful high rollers.  But although the Golden Nugget was $155 million in debt, Landry’s assumed it and paid Tim and Tom $85 million more than what the pair paid less than a year earlier.

For now, downtown Las Vegas’ oldest, largest and most glamorous casino will run as usual (without layoffs) and continue attracting gamblers, which Landry’s hopes to do in a more profitable way.

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