Poster Financial Group Completes Purchase of Golden Nugget Hotel-Casinos.Entertainment Editors/Business Editors/Travel Writers LAS VEGAS--(BUSINESS WIRE)--Jan. 26, 2004 Poster Financial Group, Inc. (PFG PFG Principal Financial Group PFG Performance Food Group (Richmond, VA) PFG Pinnacle Financial Group PFG Plasma Flood Gun PFG Planning for Growth PFG Pasty Faced Geek PFG Perfluoroguanidine ) today announced that it has completed its purchase of the Golden Nugget Casinos:
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"We are eager to begin implementing our plans for the Golden Nugget properties and reinvigorate them with an 'old Vegas' feel," said Tim Poster, PFG's Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "As owner-operators, we will bring a hands-on approach to the management of these hotel-casinos. We will focus on delivering personalized customer service and creating a Las Vegas experience that takes guests back to the city's past glory. We will be supported by the hotels' existing management, one that we believe is the best in the industry and has already done exceptional things with these properties. We do not expect any layoffs as a result of the acquisition and are excited to begin working alongside the entire Golden Nugget employee team." "The Golden Nugget is among the most well known brands in gaming. We intend to make improvements over the coming months to the entertainment, dining and gaming options we offer in order to further build the brand and enhance the customer experience," added PFG's President, Tom Breitling. "The Golden Nugget casinos have long been a top choice for gamers and we intend to grow this reputation and further improve the gambling experience that these hotel-casinos are known for." Lehman Brothers acted as the exclusive financial advisor to PFG on the acquisition. About Poster Financial Group, Inc and the Golden Nugget Properties Poster Financial Group, Inc. is owned by Timothy Poster and Thomas Breitling, the entrepreneurs who founded the revolutionary travel website Travelscape.com and later sold it to Expedia, as well as several other investors. The Golden Nugget Las Vegas The Golden Nugget Las Vegas is a casino-hotel located in Las Vegas, Nevada, USA on the Fremont Street Experience. The property is owned and operated by Landry's Restaurants. It is the largest casino in the downtown area, with a total of 1,907 rooms. is the leading Downtown hotel-casino and the largest in terms of guestrooms. The property occupies 7.5 acres in Downtown and is part of the Fremont Street Experience The Fremont Street Experience (FSE) is a pedestrian mall and attraction in downtown Las Vegas, Nevada. The FSE occupies the westernmost 5 blocks of Fremont Street and portions of some other adjacent streets. entertainment attraction developed to draw visitors to the area. It is an AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. Four-Diamond property and the most luxurious in Downtown, benefiting from approximately $30 million in renovations in 2001 and 2002. The hotel has 1,907 guest rooms, all of which were completely renovated over the past two years, a 38,000 square foot casino space containing approximately 1,260 slot machines and approximately 58 gaming tables and 29,000 square feet of meeting and banquet space. The property also includes a new restaurant and has undergone additional improvements throughout the hotel and casino. The Golden Nugget Laughlin The Golden Nugget Laughlin is a casino and hotel located in Laughlin, Nevada and is owned and operated by Landry's Restaurants. The Golden Nugget Laughlin property is the smallest in Laughlin, with only 300 rooms. It is a tropical themed, three-story hotel. , a 300-room property on 13 acres, has 600 feet of Colorado River frontage near the center of the tourist strip in Laughlin, Nev., about 90 miles from downtown Las Vegas in southern Clark County. The property's 32,000 square foot casino features more than 1,000 slot machines and approximately 12 gaming tables, a variety of restaurants and bars, a nightclub, and retail shops. |
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