Poster Financial to make change-of-control offer for notes on sale to Landry's

New York, May 17 - Poster Financial Group, Inc. said it will be required to make a change-of-control tender offer for its $155 million of 8¾% senior secured notes due 2011 when its sale of the Golden Nugget casino in Las Vegas to Landry's Restaurants, Inc. closes.

Holders will be offered 101% of par plus accrued interest.

The offer will be made within 30 days of closing, expected to be in the next 12 months, according to a 10-Q filing with the Securities and Exchange Commission by the Las Vegas-based casino operator.

Following the sale, the notes will remain outstanding as obligations of Poster Financial.

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