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2. The Golden Nugget
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• The Golden Nugget experience is more than just an electrifying casino! Whether you’re in the mood sip cocktails by a shark tank, take a few swings on the green, enjoy breathtaking beach and marina views or jam out to A-list entertainment – the excitement never ends.
• Golden Nugget a top online casino operator in New Jersey it wants to prove that its dominance in the Garden State is not just a chance occurrence.
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Golden Nugget Hotels & Casinos is an American chain of luxury hotels and casinos. It currently operates five casino resorts in Nevada, Louisiana, New Jersey, and Mississippi.

Golden Nugget Casino Group Logo

The original location was the Golden Nugget Las Vegas which opened in 1946.^[1] The company runs as a subsidiary of Fertitta Entertainment.

History[edit]

Original Golden Nugget[edit]

The Golden Nugget Las Vegas opened in 1946 in Downtown Las Vegas.^[1] Over time, notable members of the ownership group featured Jackie Gaughan and Steve Wynn.^[2] Wynn later became the majority stakeholder in 1973, making him the youngest casino owner in Las Vegas.^[3] Under Wynn, the casino brand expanded greatly. Once gaining the controlling sharehold, Wynn created Golden Nugget Companies Inc. The first hotel tower opened in 1977, which lead for the property to get awarded a four diamond rating from Mobil Travel Guide.

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 Las Vegas casino also expanded, with a second and third tower opened in 1984 and 1989, respectively, which included a showroom. 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. In 1989, the company acquired the Nevada Club casino in Laughlin, Nevada, and re-branded it as the Golden Nugget Laughlin.

Mirage Resorts (1989-1999)[edit]

The company expanded into the Las Vegas Strip in 1989, with the opening of The Mirage.^[4] Following the completion, the company changed its name to Mirage Resorts.^[5] Financing the $630 million project largely with high-yield bonds issued by Michael Milken. 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. The hotel, with its erupting volcano and South Seas theme, ignited a $12 billion building boom on the Strip.^[4] 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.^[6] 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. Afterwards Wynn decided to invite Cirque to create Mystère for the soon-to-be-built Treasure Island resort next door.^[7] The company would later open other notable projects such as the Treasure Island Hotel and Casino and the Bellagio.

Acquisition by MGM Resorts[edit]

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 was majority owned by Wynn. 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.

Poster Financial Group[edit]

Timothy Poster and Thomas Breitling, two young (mid-30s) entrepreneurs, formed Poster Financial Group as a private investment firm. When the company was founded, its initial investors included 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 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 however, issued 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 players created significant volatility in the first year of operations.

Acquisition of the Golden Nugget casinos[edit]

In January 2004 the company acquired the Golden Nugget Las Vegas and the Golden Nugget Laughlin 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.

Acquisition by Fertitta Entertainment[edit]

On February 4, 2005, Houston based Landry's Restaurants, Inc., now a subsidiary of Fertitta Entertainment, 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 acquired the 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.

Properties[edit]

• Golden Nugget Biloxi
• Golden Nugget Danville (Future)

The Golden Nugget

References[edit]

Golden Nugget Casino In Louisiana

1. ^ ^ab'Glitter Gulch's Golden Nugget turns 50'. Reno Gazette-Journal. AP. September 2, 1996 – via Newspapers.com.
2. ^Gaughan changeover leaves workers a little melancholy, Las Vegas Sun, March 25, 2004, accessed May 16, 2012.
3. ^'Nightline'. ABC News.
4. ^ ^ab'Biography: Stephen A. Wynn'. PBS. Retrieved 11 June 2013.
5. ^'Steve Wynn, Mirage Resorts/Wynn Resorts'. Retrieved 2009-12-07.
6. ^Arnold M. Knightly (February 25, 2007), Blink and you'll miss him, Las Vegas Review-Journal, Page 1E.
7. ^Norm Clarke (June 17, 2003). '`Mystere' worker recalls uncertain times during show's birth'. Las Vegas Review-Journal. Retrieved June 28, 2008.

External links[edit]

• Landry's Restaurants press release on acquisition of Golden Nugget Las Vegas (Acrobat Reader format)

Golden Nugget a top online casino operator in New Jersey it wants to prove that its dominance in the Garden State is not just a chance occurrence.

This Monday, GNOG – Golden Nugget Online Gaming Inc. – disclosed that it had put the West Virginia sports betting and online gambling market in the bag through a massive deal they penned with the Greenbrier Hotel Corporation. This firm runs the upscale resort that goes by the same name.

The deal is hinged on the fact that GNOG has to get the approval from the local regulatory bodies.
GNOG then has to pay Greenbrier a percentage of online betting revenue that hasn’t been disclosed and it is based on minimum royalty payments that will spread over a specified term.

Both parties have also exchanged the customary clichés about how things were going south in their respective lives and how incomplete it was until their encounter.

Previously, Greenbrier just signed a related deal with the well-known FanDuel Group. This group just unveiled mobile sports betting some sometime back specifically in August last year. However, they are yet to back it up with their online casino product.

At present, West Virginia has just 2 online casino options which are the BetMGM and DraftKings. However, the former outfit operates through the online permit of Greenbrier.

The West Virginia deal inked by GNOG comes just a week after the firm was able to get an online gambling license in Illinois through another partnership they entered with Wilmot Gaming Illinois.

Both companies signed a joint venture that will see them build a state of the art Golden Nugget-branded casino that will be situated in Danville.

Also, GNOG will pay about $30 million upfront and will also pay Wilmot an agreed percentage of its net gambling profits – this is also subject to minimum payments – the moment they kick-start operations.

At the start of the year, GNOG got access to the online market of Michigan through a deal with the Indian Community Ojibwa Casino brand of Keweenaw Bay.

This was done with the aim of releasing both sports betting and online casino products immediately after state regulators give them the go-ahead.

GNOG has also concluded plans to enter the online casino market of Pennsylvania even though the timeline has not been disclosed yet.
In the meantime, the plan of GNOG to get listed on the NASDAQ exchange will also be discussed in a high priority meeting of the New Jersey Casino Control Commission that will be held on Wednesday 25th.

The plan consists of severing ties with the online operations of Golden Nugget Atlantic City’s casino. They intend to make it a standalone body due to how successful it has been and it’ll be bought by a SPAC (special purpose acquisition company) called Landcadia Holdings II Inc.

Already, Landcadia has been listed on the NASDAQ as LCA but there are plans to change it to GNOG after the purchase of the online business of Nugget.

The Nugget’s online casino is the undisputed market leader of New Jersey as they topped the monthly revenue reports of the state for several years, including for the month of October 2020. During that time, the Nugget earned a massive $28.1 million of the total $93.45 million in online casino proceeds.

Source:https://calvinayre.com/2020/11/23/business/golden-nugget-online-casino-west-virginia-illinois-markets/