To: Marshall Teitelbaum who wrote (3610 ) 12/13/1997 3:03:00 PM From: Dennis Vail Read Replies (1) | Respond to of 4704
Jupe, Here's a little more biographical data on our fearless leader courtesy of todays Sun-Herald:sunherald.com Grand chairman is bullish on the Coast LISA MONTI THE SUN HERALD Grand Casinos chairman Lyle Berman and Casino Magic founder Marlin Torguson, fellow Minnesotans, started out in the gambling business by running casinos for Indian tribes in their home state. In 1991, Berman and two partners founded Grand Casinos and opened Grand Casino Mille Lacs, the same year Torguson invited Berman to the Mississippi Coast to see if the two companies could form a partnership in the emerging market. "Marlin thought maybe the Grand could do a partnership of some sort," Berman said. "The two of us just couldn't get together, so we went forward on our own." Because Berman was new to the Coast and new to the gambling industry, he relied on those he knew who were familiar with Las Vegas and Atlantic City. His advisors saw the area as a potential gambling hub blessed with good climate and beaches, and soon the company began developing a 104,000-square-foot casino in Gulfport and a 110,000-square-foot casino in Biloxi. From the beginning, company officials made it known the Grand intended to set the standard for the Coast's gambling market. Expansions at both properties will bring the company's investments to nearly $500 million. Berman's decision to build large properties in Gulfport and Biloxi that have captured the largest market share is characteristic of his successful risk-taking strategy. In five years, he parlayed one Indian management contract into a publicly traded company that owns or manages eight properties in Mississippi, Louisiana and Minnesota. Grand Casino Tunica, which opened in 1996, is billed as the world's largest dockside casino. The one sour note for Berman was the Grand's stake in Stratosphere, the troubled Las Vegas tower casino project that fell into bankruptcy. Berman's rise in the gambling industry was capped in 1996 when he was named Gaming Executive of the Year at the Southern Gaming Summit in Biloxi. He was cited for his commitment to excellence, creativity, hands-on management and strategic vision. Mirage founder Steve Wynn led the industry in honoring Berman's achievements. Before Berman turned his attention to casinos, he enjoyed great success in his family's leather business, which became one of the country's largest retail leather chains with more than 200 stores. Besides casinos, Berman is involved in several public companies, including Rainforest Cafe. He's still bullish on the Coast market and said the growth during the first five years of dockside gambling will appear small compared to what will happen in the next five years. "The whole area," he said, "is going to get bigger and better." Lisa Monti can be reached at 896-2311 or at maildrop@sunherald.infi.net Happy holiday, Bighead Ned