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Landry’s – The Company behind Golden Nugget

24 January 2020

Golden Nugget

Second, out in our “The Company behind the brands” series is Landry’s – the owner of Golden Nugget Casinos. Landry’s is a privately owned corporation founded in 1980 and is operating in multiple sectors with such as casino resorts, casual and fine dining, Casino games, and entertainment destinations. They operate in 35 US states plus several international locations.

In this article, we will focus on the casino segment of Landry’s broad portfolio of assets. 25 years after Landry’s was founded, 27 September to be exact, they moved into the casino business through an acquisition of the Golden Nugget Nevada casinos in Las Vegas and Laughlin for the cost of $318 million. The previous owners Golden Nugget Inc (formerly the Poster Financial Group) had only been in control of the Golden Nugget Las Vegas and Laughlin casino for 20 months before selling to Landry’s. They made a neat $103 million profit on the deal as their acquisition price of the casinos was “only” $215 million i.e a 47.44% increase in value in 20 months and $5.1 million in monthly yield. Since then Landry’s have opened up Golden Nugget Casino in Atlantic City (NJ), Biloxi (MS), and Lake Charles, (LA).

Landry’s founder and owner, Tilman Fertitta is a well-known character in the US. He starred in the popular tv-series “Billion Dollar Buyer”. He is the owner of the NBA team Houston Rocket which in some perspective has caused some problems for the Golden Nugget Sports Betting operations as they were not allowed to take any bets on NBA since the gambling regulators decided there was a conflict of interest in owning an NBA team and offering odds for teams playing in that league. This decision was later changed in favor of Golden Nugget and since Q3 2019 they are offering betting markets for all NBA games.

Landry’s Golden Nugget Casinos

  • Golden Nugget Las Vegas
  • Golden Nugget Laughlin
  • Golden Nugget Atlantic City
  • Golden Nugget Biloxi
  • Golden Nugget Lake Charles

Golden Nugget History

The Las Vegas casino was one of the first brick and mortar casinos in downtown Las Vegas built-in 1946. Jack Gaughin and Steve Wynn were two notable early owners in the Golden Nugget Las Vegas. in 1973 Steve Wynn laid his foundation to become a casino mogul in Las Vegas by taking a majority stake in Golden Nugget and 1977 the first hotel tower was opened. Steve Wynn (owner of Mirage resort’s) sold the company in 2005 to the Poster Financial Group and the rest is history (as already mentioned above).

About Golden Nugget Online Casino

Golden Nugget is currently online in two states, New Jersey and Nevada. The online version of Golden Nugget New Jersey is widely popular for online casino gamblers and has a reputation of being the go-to place for anyone who loves online casino gambling.

The New Jersey online real-money online casino site was launched back on December 16, 2013. It has grown significantly since then and is the most popular online casino in the state of New Jersey. No other casino has come close to match their revenue numbers since December 2016. For over 36 straight months they have claimed the top position as the most revenue generation online casino in New Jersey and there is no trend of them slowing down. Quite an impressive track record.

Their casino games offering is rather remarkable. They offer +500 unique games and the competitors are not even close when it comes to the number of exclusive casino games. Golden Nugget is and is likely to remain the top dogs for online casinos for time to come. If you want to know more, read our in-depth Golden Nugget NJ online casino review.

 

Sources:
https://en.wikipedia.org/wiki/Landrys
https://en.wikipedia.org/wiki/Golden_Nugget_Atlantic_City

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