|MGM Mirage said it will sell two Golden Nugget casinos in Las Vegas and Laughlin, Nev., for $215 million to a firm operated by the founders of Internet company Travelscape .com. MGM Mirage expects to record a gain on the sale to private investment firm Poster Financial Group Inc., the casino operator said Wednesday.|
Timothy Poster and Thomas Breitling, the entrepreneurs who founded the revolutionary travel website Travelscape.com, announced their plans to purchase the Golden Nugget hotel-casinos in downtown Las Vegas and Laughlin, Nevada, from MGM MIRAGE (NYSE: MGG) for approximately $215 million. Poster and Breitling are the founders of Poster Financial Group, Inc. (PFG), which they are using as a vehicle to enter the Las Vegas casino market.
'Today, almost all of the casinos in Las Vegas are owned and operated by large corporations and many have lost the individual personality that scores of loyal visitors, particularly dedicated players, find so attractive and exciting,' said Poster, PFG's Chairman and CEO. 'We want to revive that bygone Vegas feel and make the Golden Nugget properties the first choice of visitors who long for that traditional Las Vegas experience.'