PB Gaming Completes Sale of Poster Financial Group

LAS VEGAS, Sept. 27 /PRNewswire/ -- PB Gaming, Inc., owned by Tim Poster, Tom Breitling, Andre Agassi, Charles Mathewson and Perry Rogers, announced today the completion of the sale of Poster Financial Group, Inc., its wholly owned subsidiary, to Landry's Restaurants, Inc. . Poster Financial Group owns the Golden Nugget Hotels in Las Vegas and Laughlin, Nevada.

Under the terms of the transaction, PB Gaming, the sole shareholder of Poster Financial Group, sold all of its shares of Poster Financial Group to Landry's Gaming, Inc., a wholly owned subsidiary of Landry's Restaurants, Inc. The sale of the stock of Poster Financial Group resulted in net cash proceeds at closing of $163.0 million, paid from Landry's Restaurants to PB Gaming, which represents the purchase price for the Golden Nugget Hotels in Las Vegas and Laughlin, Nevada. Landry's Restaurants will assume the $155.0 million of senior secured notes of Poster Financial Group, as well as the existing bank debt of Poster Financial Group.

Following the closing, Landry's Restaurants will cause Poster Financial Group to commence a change of control offer for the senior secured notes at 101 percent of the aggregate principal amount of the notes pursuant to the terms of the indenture governing the notes.

"Being a part of the Golden Nugget history has been an extraordinary privilege for my partners and me," said Tim Poster, Chief Executive Officer of PB Gaming. "We are all very proud of the contributions we've made to restore and maintain the Golden Nugget brand as the most legendary franchise within the gaming industry."

Poster and Breitling are excited about the overall growth of Las Vegas and plan to remain in the city and pursue other unique opportunities.

"As we embark on new opportunities, I am sure that Landry's Restaurants and its management team will continue to enhance and grow the Golden Nugget brand as the hotel approaches it's 60th anniversary," said Poster. "We wish all of the good people of the Golden Nugget continued success."

Poster and Breitling, the entrepreneurs who founded the revolutionary travel website travelscape.com and later sold it to Expedia, purchased the Golden Nugget properties from MGM MIRAGE in January 2004.