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GlobeSt.com UPDATE: Landry's Closes $320M Nugget Deal

LAS VEGAS-Landry's Restaurants closes its acquisition of Poster Financial Group, Inc., the owner of the Golden Nugget hotel-casinos in Las Vegas and Laughlin, NV.

By Brian K. Miller | Updated on September 28, 2005

LAS VEGAS-Landry’s Restaurants Inc. has completed its acquisition of the Golden Nugget hotel-casinos in Las Vegas and Laughlin, NV. The publicly held Houston-based company paid $140 million in cash for the casinos in addition to assuming about $180 million in debt. The deal was first announced in February .

Offically, Landry’s acquired all of the shares of Poster Financial Group Inc., the owner of the casinos, from PFG’s sole stockholder, PB Gaming. The debt Landry’s assumed as part of the deal includes $155 million of senior secured notes due 2011, PFG’s outstanding credit facility and certain working capital liabilities. The purchase is Landry’s first foray into gaming.

The 1,907-room Golden Nugget Las Vegas casino, the centerpiece of Downtown Las Vegas, saw $35 million in upgrades and room renovations in 2003. It has about 40,000 sf of gaming area, a 400-seat showroom and 30,000 sf of meeting and banquet facilities. Landry’s says it plans to add two of its restaurant concepts to the property: Vic and Anthony’s, a steakhouse, and Grotto, a trattoria-style Italian restaurant.

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