Celebrating Golden Nugget-Texas

[Lucky Larry]

Let the celebration begin in Texas.

Local Galveston/Houston boy done good Tillman Fertitta announced today the purchase of the license for the new casino being built in Lake Charles and it will become the newest Golden Nugget. Tillman, named by Forbes as the World's Richest Restrauranteur (Landry's, Bubba Gump Shrimp, Mortons, Saltgrass Steak House, and other chains) began purchasing the Golden Nugget casinos and now operates GN in LV, Laughlin, AC, and last year in Biloxi. The purchase of the Lake Charles Golden Nugget will expand his market base into the major Texas area. Estimates indicate $1+million/day gambling in Lake Charles from Texas.


With the announcement of Gov. Rick Perry, who has blocked all gambling legislation, not running for Governor next year. Texas may legalize gambling in the next few years. This move puts Fertitta in the lead for a Texas based casino whenever Texas finally approves gambling.

Fertitta also owns many of the major Galveston tourist locations/hotels/convention center and the key Kemah Waterfront just east of NASA, south of Houston.

As our Louisiana friends say, "Laissezle bon temps rouler."

Fetitta's uncle started and now cousins operate the Station Casinos in LV.

http://www.americanpress.com/news/local ... r-property

[Gigi2]

Best news I had all day

[opalineopaline]

Larry,Maybe we'll get some casinos in Texas finally!

[TxGameShowFan]

Not with this Lege. Not even "social poker."

Yes, competition would be nice in LC. Shreveport just picked up competition as well with Margaritaville opening last month. Let's hope it leads to even slightly better pay tables...

[Lucky Larry]

Here's the latest update on the Golden Nugget:

As Mr. Harvey used to say...Now the rest of the story.....

The Federal Trade Commission was blocking approval of Pinnacle's purchase of Ameristar Corp. (owner of the license and multiple other casinos in several states) due to reduction of trade (gaming) in St. Louis and Lake Charles.

"FTC Challenges Pinnacle Entertainment’s Proposed Acquisition of Rival Casino Operator Ameristar
Commission Alleges Merger Would Harm Consumers in Two Geographic Markets

"In the St. Louis metropolitan area, Pinnacle’s acquisition of Ameristar would reduce the number of casino service providers from four to three. The parties’ combined market share and the post-merger market concentration levels in St. Louis make the transaction presumptively unlawful in that market.
In the Lake Charles market, Pinnacle operates one casino, while Ameristar is building a new casino set to open next year that will be located directly adjacent to the existing Pinnacle casino. The Commission’s complaint alleges that the new casino will be Pinnacle’s closest and most significant competitor in the Lake Charles market and, according to the parties’ own projections, will have a direct and substantial impact on the market share, revenues, and profits of Pinnacle’s existing casino."
(see link) http://www.ftc.gov/opa/2013/05/pinnacle.shtm

Yesterday, Wall Street Journal posted the following article:

Pinnacle Says Deal to Buy Ameristar Getting Closer to FTC Approval
"Pinnacle Entertainment Inc.'s (PNK) shares grew Thursday as investors cheered the planned divestiture of a casino project in Louisiana that could help pave the way for the company's pending acquisition of Ameristar Casinos Inc. (ASCA)."
link:   
http://online.wsj.com/article/BT-CO-201 ... 12876.html