- Owner Golden Nugget Atlantic City
- Who Owns The Golden Nugget
- Golden Nugget Wikipedia
- Golden Nugget Hotel History
Golden Nugget Lake Charles is a 242-acre waterfront casino resort in Lake Charles, Louisiana, United States, owned and operated by Houston-based Landry's, Inc. The resort features 1038 guest rooms and suites housed in a 22-story tower, an 18-hole golf course, 30,000 square feet of meeting space.
| Industry | Casino |
|---|---|
| Founded | 2004 |
| Founder | Timothy Poster and Thomas Breitling |
| Defunct | 2010; 10 years ago |
| Headquarters | , |
| Owner | Landry's, Inc. |
Golden Nugget, Inc. (Formerly Poster Financial Group) is a Las Vegas, Nevada based private investment firm that was originally created by Timothy Poster and Thomas Breitling to acquire the Golden Nugget Las Vegas and the Golden Nugget Laughlin.
Owners and acquisition history[edit]
When the company was founded as Poster Financial Group the company's principals were Timothy Poster and Thomas Breitling, two young (mid-30s) entrepreneurs who started Travelscape.com, an internet travel site. Tennis star Andre Agassi, a Las Vegas native, was also an investor.
Poster and Breitling had no casino ownership experience before acquiring the Golden Nugget. 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 Timothy Poster's uncle who was denied a gaming license because of his alleged association with known illegal bookmakers. The Nevada Gaming Control Board recommended that they be licensed for only one year. The board did however, issue them four-year licenses, with an option to apply for permanent licenses in January 2005.
The Poster Financial Group's ownership encountered some difficulties. The television series received ratings below expectations and was canceled after one season. In addition, the strategy of attracting higher level casino player created significant volatility in the first year of operations.
History[edit]
In January 2004 the Golden Nugget, Las Vegas and the Golden Nugget, Laughlin were acquired for approximately $215 million.
When Poster and Breitling assumed control of the Golden Nugget, they began to upgrade the gambling operation, by installing new 'cashless' slot machines and increasing the maximum bet at table games to $15,000. Their story became the basis for The Casino, a television series on Fox, which premiered on June 14, 2004.
On November 10, 2004 Barrick Gaming Corporation, which owns casino/hotels in downtown Las Vegas including The Plaza, The Vegas Club, The Western, and The Gold Spike, announced that it would acquire the Golden Nugget Laughlin for $31 million plus working capital. As part of the purchase agreement, Poster Financial granted Barrick a two-year limited use of the Golden Nugget brand name, after which Barrick will be required to change the name of the property.
On February 4, 2005, Houston, Texas based Landry's Restaurants, Inc. agreed to purchase the Golden Nugget Las Vegas for $140 million in cash plus the assumption of $155 million of Senior Secured Notes due in 2011 and certain working capital liabilities.
On May 31, 2005 the agreement for Barrick Gaming to acquire the Golden Nugget Laughlin expired without a final deal being reached. As a result, Landry's will acquire this property as part of its agreement to purchase the Golden Nugget Las Vegas. Apparently there will be no increase in the purchase price as a result of this change since the money from the sale would have been used to reduce the debt on the Las Vegas property. This means that Landry's would simply assume more debt.
On September 27, 2005 Landry's completed the acquisition of Poster Financial for approximately $318 million.
External links[edit]
- Landry's Restaurants press release on acquisition of Golden Nugget Las Vegas (Acrobat Reader format)
| Golden Nugget Lake Charles | |
|---|---|
| Location | Lake Charles, Louisiana United States |
| Opening date | December 7, 2014 |
| No. of rooms | 1038 |
| Signature attractions | Private marina Beach 18-hole golf course |
| Notable restaurants | Vic & Anthony's Saltgrass Steak House Cadillac Bar Landry's Seafood Lillie's Asian Cuisine Grotto Ristorante Claim Jumper The Buffet Chart House |
| Owner | Landry's, Inc. |
| Coordinates | 30°12′17″N93°15′49″W / 30.20477°N 93.26374°WCoordinates: 30°12′17″N93°15′49″W / 30.20477°N 93.26374°W |
| Website | goldennugget.com/lakecharles |
Golden Nugget Lake Charles is a 242-acre waterfront casino resort in Lake Charles, Louisiana, United States,[1] owned and operated by Houston-based Landry's, Inc.[2] The resort features 1038 guest rooms and suites housed in a 22-story tower, an 18-hole golf course, 30,000 square feet of meeting space, more than a dozen dining and bar options, a private beach, marina, spa & salon, retail corridor and expansive 24-hour casino floor.[3]
Golden Nugget Lake Charles is the fifth Golden Nugget property, joining the original location in Downtown Las Vegas, and others in Laughlin, Nevada; Atlantic City, New Jersey and Biloxi, Mississippi.[4]
- 2Facilities
History[edit]
Pinnacle Entertainment announced plans in 2006 to build Sugarcane Bay, a $350-million casino resort, next to its L'Auberge du Lac casino in Lake Charles.[5] The plan was canceled in 2010,[6] and Pinnacle returned the gaming license to the state.[7]
In February 2011, the license was awarded to Creative Casinos LLC, the company of former Pinnacle chairman Dan Lee, for a $400-million casino named Mojito Pointe to be built on the Sugarcane Bay site.[8]
Ameristar Casinos purchased Creative Casinos in June 2012 for $32.5 million, after Lee had difficulty financing construction.[9] The project was renamed as Ameristar Lake Charles.[9]
In December 2012, Pinnacle agreed to acquire Ameristar.[10] In order to obtain approval for the merger from FTCantitrust regulators, Pinnacle agreed to the sale of two of the combined company's properties, including Ameristar Lake Charles.[11] A sale agreement was reached with Landry's, Inc., parent company of the Golden Nugget casinos, who agreed to pay the costs expended on the project's development to date.[11]
Landry's owner Tilman J. Fertitta announced improvements and upgrades to the property, investing more than $600 million in the project, one of the most expensive construction endeavors in the United States at the time. In December 2013, construction topped out on the 25-story accommodations tower.[12] Located just two hours from Houston, Fertitta had long desired a casino-resort near the headquarters of Landry's, Inc.[13]
The casino opened to the public on December 7, 2014.[14]
Facilities[edit]
Gaming[edit]
The casino floor at Golden Nugget Lake Charles features a 6-table poker room, 1,600 slot machines, 60 table games and high-limit gaming.[15]
Owner Golden Nugget Atlantic City
Dining[edit]
Golden Nugget Lake Charles offers more than a dozen restaurants and bars, including a number of Landry’s-owned restaurants – Landry’s Seafood, Vic & Anthony’s Steakhouse, Saltgrass Steak House, Cadillac Bar & Grill, Grotto Ristorante, Lillie’s Asian Cuisine, Claim Jumper Grill, The Buffet and others. The resort is also home to Louisiana’s first Blue Martini, a Florida-based cocktail lounge.[16][17]
Golf[edit]
The 242-acre resort is also home to an 18-hole championship golf course, with driving range, club house, pro shop and dining room.[18]
See also[edit]
Who Owns The Golden Nugget
References[edit]
- ^Jang, Lily (2013-07-25). 'Fertitta to open Golden Nugget casino, resort in Lake Charles | khou.com Houston'. Khou.com. Archived from the original on 2014-02-25. Retrieved 2014-03-29.
- ^'Golden Nugget Closes Purchase Of Lake Charles Casino Development - HOUSTON, Nov. 21, 2013 /PRNewswire/'. Prnewswire.com. Retrieved 2014-03-29.
- ^Kaplan, David (2013-07-25). 'Golden Nugget to be erected in Louisiana with 'the best synergy outside of Vegas' - San Antonio Express-News'. Mysanantonio.com. Retrieved 2014-03-29.
- ^Adam Wright (2014-03-21). 'New Lake Charles casino resort expected to create jobs for South - 12 News KBMT and K-JAC. News, Weather and Sports for SE Texas'. 12newsnow.com. Retrieved 2014-03-29.
- ^Rob Lenihan (June 21, 2006). 'Pinnacle plans Louisiana casino'. TheStreet. Retrieved 2014-12-09.
- ^'Pinnacle cancels riverboat casino project in La'. Bloomberg Businessweek. AP. April 15, 2010. Archived from the original on December 10, 2014.
- ^'Deadline today for last La. casino license'. Greater Baton Rouge Business Report. September 23, 2010. Retrieved 2014-12-09.
- ^Diana Barr (February 17, 2011). 'Pinnacle's former CEO wins La. casino bid'. St. Louis Business Journal. Retrieved 2014-12-09.
- ^ abTheresa Schmidt (June 21, 2012). 'Ameristar Lake Charles approved'. KPLC-TV. Retrieved 2014-12-08.
- ^Howard Stutz (December 21, 2012). 'Las Vegas-based Pinnacle Entertainment to acquire rival Ameristar Casinos for $869 million'. Las Vegas Review-Journal. Retrieved 2014-12-08.
- ^ abHoward Stutz (July 25, 2013). 'Pinnacle Entertainment sells Louisiana casino project to Golden Nugget'. Las Vegas Review-Journal. Retrieved 2014-12-08.
- ^Supgul, Alexander. 'Golden Nugget Casinos acquires Lake Charles casino property - Houston weather, traffic, news | FOX 26'. MyFoxHouston. Archived from the original on 2013-08-01. Retrieved 2014-03-29.
- ^Kaplan, David (2013-07-25). 'Fertitta acquires Lake Charles casino - Prime Property'. Blog.chron.com. Retrieved 2014-03-29.
- ^Erin Mulvaney (December 7, 2014). 'Houston billionaire's Lake Charles casino opens early'. Houston Chronicle. Retrieved 2014-12-08.
- ^'Golden Nugget, Inc.: Private Company Information - Businessweek'. Investing.businessweek.com. 2013-07-25. Retrieved 2014-03-29.
- ^Brandau, Mark (2013-08-16). 'Landry's to add Vic & Anthony's Steakhouse, Grotto Italian Ristorante to new Golden Nugget locations | Casual Dining content from Nation's Restaurant News'. Nrn.com. Retrieved 2014-03-29.
- ^Tommy Mann Jr. 'New casino coming to Lake Charles » Local News » orangeleader.com (Orange, Texas)'. orangeleader.com. Archived from the original on 2014-03-27. Retrieved 2014-03-29.
- ^Stutzlas, Howard (2013-08-04). 'Fertitta creates Golden Nuggets | Las Vegas Review-Journal'. Reviewjournal.com. Retrieved 2014-03-29.