Poster Financial Acquires Golden Nuggets for $215M

LAS VEGAS-MGM Mirage has sold its Golden Nugget Hotel-Casino assets in Downtown Las Vegas and in Laughlin, NV, for approximately $215 million. The new owner is Poster Financial Group Inc., a locally based private investment firm.

Golden Nugget Las Vegas, opened as a gambling hall in 1946, is the largest resort in Downtown Las Vegas. It’s 7.5 acres includes 1,907 guest rooms, 38,000 sf of gaming space and 29,000 sf of meeting and banquet space. The Laughlin property is a casino-hotel built in 1968 on the Colorado River. It was acquired by and re-branded as a Golden Nugget property in 1988. The property features a tropical theme, including a rainforest jungle, with restaurants, retail shops, a 300-room hotel, nightclub and casino. It is located on the banks of the Colorado River.

Poster Financial Group’s ownership includes Timothy Poster and Thomas Breitling, the entrepreneurs who founded the travel Web site Travelscape.com and later sold it to Expedia. Lehman Brothers acted as the exclusive financial advisor to Poster on the acquisition.