Exhibit 99.1
[GOLDEN NUGGET GRAPHIC OMITTED]
FOR IMMEDIATE RELEASE MEDIA CONTACT
November 10, 2004 Xxxxx Xxxx-Xxxxxxxx
(000) 000-0000
xxxxxxxxx@xxxxxxxxxxxx.xxx
POSTER FINANCIAL GROUP TO SELL GOLDEN NUGGET XXXXXXXX
TO XXXXXXX GAMING CORPORATION
LAS VEGAS, Nev. (Nov. 10, 2004) - On November 8, 2004, Poster Financial Group,
Inc. ("Poster Financial Group") entered into an agreement to sell the Golden
Nugget Xxxxxxxx to Las Vegas-based gaming and real estate company, Xxxxxxx
Gaming Corporation ("Xxxxxxx Gaming") for $31 million, plus working capital at
the closing of the transaction. The transaction includes a 24-month license
agreement for the limited use of the Golden Nugget Laughlin name and brand.
The transaction is subject to customary closing conditions contained in the
purchase agreement, including receipt of all necessary regulatory and
governmental approvals. Both parties anticipate the transaction to be
completed during the first quarter of 2005. Poster Financial Group expects to
report a modest gain upon completion of the transaction.
"This strategic move is designed to allow us to focus on our primary asset,
the Golden Nugget Las Vegas," said Xxx Xxxxxx, chairman and chief executive
officer of Poster Financial Group. "We are pleased that Xxxxxxx Xxxxxx shares
our appreciation for the contributions of the employees and customers in
making the Golden Nugget Xxxxxxxx a leader in the market."
"The purchase of the Golden Nugget Xxxxxxxx is an opportunity to enhance our
portfolio with a property that is accordant with our mission to offer value
and quality to our core customer, as well as provide a stronger foundation for
future acquisitions," said Xxxxxxx Xxxxxxx, president and co-founder of
Xxxxxxx Xxxxxx. "That we were able to work together with one of our neighbors
in Downtown Las Vegas on this transaction was an added bonus."
Located on the banks of the Colorado River, the property has been operating as
the Golden Nugget Xxxxxxxx since 1988, and features a tropical theme with
restaurants, retail shops, a 300-room hotel, nightclub and casino.
Poster Financial Group, Inc. is owned by Xxxxxxx Xxxxxx and Xxxxxx Xxxxxxxxx,
the entrepreneurs who founded the revolutionary travel website Xxxxxxxxxxx.xxx
and later sold it to Expedia. On January 23, 2004, Poster Financial Group
purchased the Golden Nugget properties from MGM MIRAGE.
Xxxxxxx Xxxxxx (xxx.xxxxxxxxxxxxxxxxx.xxx) was founded by X.X. Xxxxxxx and
Xxxxxxx Xxxxxxx to redevelop and build multi-jurisdictional gaming and
entertainment properties that offer quality and value. The first phase of the
company's mission came to fruition in March 2004 with the purchase of four
hotel-casinos in classic Downtown Las Vegas: The Plaza, Vegas Club, Western
and Gold Spike, as well as more than 30 acres of undeveloped real estate. In
October 2004, Xxxxxxx Gaming acquired two additional hotel-casinos: The Queen
of Hearts and Nevada, also located in Downtown Las Vegas. Xxxxxxx Gaming will
continue to seek acquisitions that are congruent with its overall strategy.
About Poster Financial Group, Inc.
---------------------------------
On January 23, 2004, Poster Financial Group, Inc. acquired the Golden Nugget
Las Vegas and Golden Nugget Laughlin. Poster Financial is headquartered in Las
Vegas, Nevada and was founded in June 2003 by Xxxxxxx Xxxxxx, its current
chairman and chief executive officer, and Xxxxxx Xxxxxxxxx, its current
president, secretary and treasurer.
Previously, Mr. Xxxxxx served as chairman and chief executive officer of
Xxxxxxxxxxx.xxx, Inc., from March 1998 through March 2000. Mr. Xxxxxxxxx
previously founded Breitling Ventures, an investment firm and served as the
President of Travelscape, Inc. from March 2000 to December 2001. Since January
2003, Mr. Xxxxxxxxx has served as chairman and chief executive officer of
Insomnia Entertainment, an independent film company. Messrs. Poster and
Breitling co-founded Xxxxxxxxxxx.xxx and sold the company to Expedia in March
of 2000.
About Golden Nugget Xxxxxxxx
----------------------------
Golden Nugget Xxxxxxxx is an intimate, 300-room resort located on the banks of
the Colorado River in Laughlin, Nevada, 90-miles southeast of Las Vegas. The
tropical-themed casino features slot and video poker machines, which include
progressive-play machines; table games, including blackjack, craps, roulette,
and three-card poker; keno and a complete race and sports book, which is
linked to the Golden Nugget Las Vegas for the most up-to-the-minute betting
lines. The property offers numerous dining options, a popular sports bar, live
entertainment on the outdoor deck and a cozy pool with great views of the
Colorado River. Additional information and on-line reservations are available
at xxx.xxxxxxxxxxxx.xxx.
Cautionary Note Regarding Forward-Looking Statements
----------------------------------------------------
This press release may contain "forward-looking statements," within the
meaning of the Private Securities Litigation Reform Act of 1995, which involve
known and unknown risks. Such forward-looking statements include statements as
to our anticipated financial performance; the impact of competition and
current economic uncertainty; the sufficiency of funds to satisfy our cash
requirements through the remainder of fiscal 2004 and beyond; our
opportunities for expansion and the ability to finance any such expansion and
other statements containing words such as "believes," "anticipates,"
"estimates," "expects," "may," "intends" and words of similar import or
statements of management's opinion. These forward-looking statements and
assumptions involve known and unknown risks, uncertainties and other factors
that may cause our actual results, performance or achievements to differ
materially from any future results, performance or achievements expressed or
implied by such forward-looking statements. Important factors that could cause
such differences include, but are not limited to, general economic conditions
in the markets in which we operate, competition from other gaming operations,
leverage, the inherent uncertainty and costs associated with litigation and
governmental and regulatory investigations, licensing and other regulatory
risks, the ability to enter into arrangements for expansion on suitable terms
and the ability to finance any such expansion and other risks disclosed in our
filings with the Securities and Exchange Commission. All forward-looking
statements attributable to us or persons acting on our behalf apply only as of
the date of this press release and are expressly qualified in their entirety
by the cautionary statements included in this press release. We undertake no
obligation to update or revise forward-looking statements to reflect events or
circumstances that may arise after the date of this press release, except as
required by applicable law.
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