Golden Nugget Las Vegas

Golden Nugget Las Vegas
Location Las Vegas, Nevada 89101
Address 129 Fremont Street
Opening date August 30, 1946 (August 30, 1946)
Theme Gold Rush
Number of rooms 2,419
Total gaming space 38,000 sq ft (3,500 m2)
Permanent shows Gordie Brown
Signature attractions Gold Nuggets
Shark Tank
Notable restaurants Vic & Anthony's
Red Sushi
Chart House
Casino type Land
Owner Landry's, Inc.
Renovated in 1985, 2005–2007, 2009
Website www.goldennugget.com

The Golden Nugget Las Vegas is a luxury hotel and casino located in Las Vegas, Nevada on the Fremont Street Experience. The property is owned and operated by Landry's, Inc.[1]

It is the largest casino in the downtown area, with a total of 2,419 deluxe guest rooms and suites.[2]

History

The Golden Nugget in 1983

The Golden Nugget was originally built in 1946, making it one of the oldest casinos in the city. Jackie Gaughan at one time owned a stake in the hotel as part of his many downtown properties.[3] Steve Wynn bought a stake in the Nugget, which he increased so that, in 1973, he became the majority shareholder, and the youngest casino owner in Las Vegas.[4] In 1977 he opened the first hotel tower and the resort earned its first four diamond rating from Mobil Travel Guide. It was the foundation for Wynn's rise to prominence in the casino industry. The second hotel tower opened in 1984 along with the showroom, and the third tower was opened in 1989. On May 31, 2000, the Golden Nugget (and all of Steve Wynn's other properties) was sold to Kirk Kerkorian; the consolidated corporation was known as MGM Mirage and has been the largest casino corporation in Las Vegas since that date.

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 by acquiring Mandalay Resort Group, building City Center, and beginning construction in Macau. Gaming revenue on Fremont Street had peaked in fiscal year 1993. The Golden Nugget was sold for $215 million to Poster Financial Group, owned by Timothy Poster and Thomas Breitling in 2004. When Poster Financial assumed control of the Golden Nugget, they began to upgrade the gambling operation by installing new cashless slot machines and by increasing the maximum bet available at table games to $15,000. Their story became the basis for The Casino, a television series on Fox that premiered on June 14, 2004.

The Hand of Faith

On February 4, 2005, Houston, Texas-based Landry's, Inc announced its intent to purchase the property and the Golden Nugget Laughlin. The sale closed on September 27, 2005. After the purchase, the Golden Nugget embarked on a 14-month, $100 million renovation project, which was completed in November 2006. In December 2007, the Golden Nugget completed its $70 million Phase II project, which expanded the resort west onto First Street and introduced additional entertainment, event and dining venues. Phase III was the opening of a 500-room, $150 million hotel tower on November 20, 2009 along with the Chart House restaurant.[1]

Media history

Onscreen

Films
Television

In games

Attractions

The world's largest gold nugget on display, the Hand of Faith, was displayed until 2013 in the Golden Nugget lobby.[8] Weighing 875 troy ounces (960 oz; 27,200 g) and 18 inches (46 cm) in length, the Hand of Faith was found near Kingower, Victoria, Australia, and put on display at the casino in 1981 amid a number of other gold nuggets.

The casino's large hotel sign at its entrance off Fremont and Casino Center was removed in 1984 when the casino underwent renovations. The old sign presently sits at the YESCO signage yard.

The expanded resort is built around two aquariums. The largest faces the swimming pool, and incorporates a slide through the tank containing full grown sharks.

Golden Nugget Casino - Slide through the shark tank

The smaller aquarium is in the lobby of the Rush Tower. A total of five specialty restaurants were added: Vic & Anthony's steakhouse, Grotto Ristorante, Lillie's Asian Cuisine, Red Sushi and Chart House. The Chart House has a view of one of the aquariums.

Golden Nugget and Poster Financial group

Golden Nugget during the day in 2007

Tom Breitling and Tim Poster were the highest profile successful entrepreneurs who profited in the downtown market during the last crisis. As recounted in Tom Breitling's book, Double or Nothing, the partners agreed to buy the Golden Nugget and had an agreement to sell the property after operating it for only one year.[9] The partners made $113 million in profit called the highest rate of return in such a short time in the gaming industry.[10] Amazingly enough the partners had a negative income for the year and the fortune was made while total revenue for downtown was still basically flat.

Timeline of Poster & Breitling (Poster Financial Group) ownership of Golden Nugget
Date Description
Year 2000 Tom Breitling and Tim Poster sell their web based business for over $100 million
Early 2003 Tom Breitling and Tim Poster begin shopping for a quality affordable casino for their vision of Vintage Vegas
Jun 2003 MGM-Mirage announced an agreement to sell the Golden Nugget (Las Vegas & Laughlin) to Poster Financial Group for $215m
Jan 2004 Binion's Horseshoe across the street from Golden Nugget closed because of IRS liens[11]
Jan 2004 Poster & Breitling take possession of the Golden Nugget. Introduce policy high-limit policy on table games[12]
Jun 2004 Fox reality show The Casino, which focuses on Tim and Tom, is broadcast from June 2004 to August 2004. The show was canceled after its first season due to low ratings.
Jun 2004 Tim and Tom are two of the 50 Hottest Bachelors in People Magazine
Sep 2004 High-limit policy policy backfires, as a lucky gambler known as Mr. Royalty wins $8.5 million on a 2-week hot streak
Dec 2004 Annual report filed with SEC shows net loss of $9.196m for Poster Financial Group for the year 2004[13]
Dec 2004 Landry's, Inc. successfully executed a refinancing of $850m[14]
Feb 2005 Agreement of sale entered with Landry's, Inc. for Golden Nugget
Sep 2005 Landry's, Inc. takes possession of the Golden Nugget.

See also

Notes

  1. 1 2 Skolnik, Sam (February 15, 2009). "Golden Nugget runs against economic winds". Las Vegas Sun. Retrieved March 13, 2009.
  2. ↑ Golden Nugget Accommodations
  3. ↑ Gaughan changeover leaves workers a little melancholy, Las Vegas Sun, March 25, 2004, accessed May 16, 2012.
  4. ↑ "Steve Wynn's Vegas Vision Turned Into Reality".
  5. ↑ "Goofs for Diamonds Are Forever". IMDB. Retrieved April 22, 2010.
  6. ↑ Interview: Zak Penn's The Grand (ComingSoon.net Blog) – ComingSoon.net
  7. ↑ ""The Casino" (2004)". Imdb. Retrieved April 25, 2010.
  8. ↑ See Real Gold at Golden Nugget in Atlantic City
  9. ↑ Tom Breitling. "Double or Nothing Video". Retrieved Dec 11, 2008.
  10. ↑ Tom Breitling. "Double or Nothing". Retrieved Dec 11, 2008.
  11. ↑ Jeff Simpson (January 12, 2004). "DOWNTOWN GAMING: Closure sends dark message". Las Vegas Review-Journal.
  12. ↑ jdb2414. "High Limits Video". Youtube. Retrieved Dec 12, 2008.
  13. ↑ "Annual Report for Year 2004, page F5". Retrieved Dec 11, 2008.
  14. ↑ "Landry's Press Release" (PDF). Dec 16, 2004.
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