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Listen "E16: Winning Big by Taking Huge Bets On Yourself With Tom Breitling"
Episode Synopsis
Imagine working for years to have an exit and then taking nearly all of your proceeds and doubling down on your next venture.
In today’s episode, Pasha and Cody talk with Tom Breitling about his experience building a massive business and then parlaying that exit into purchasing the Golden Nugget in downtown Las Vegas. Though he and his business partner, Tom Poster had no experience owning casinos and faced a lot of red tape from all directions, they still took a leap of faith and placed a huge bet on themselves. From there, they became the youngest (and most successful) casino owners and operators in the state of Nevada. In this episode we talk about Tom’s massive wins and losses on his entrepreneurial path.
Here are some power takeaways from today’s conversation:
The best bets you make are ones you make on yourself
Having skin in the game
Overcoming and conquering failure
Knowing your market and industry protects your downside
What drives Tom and entrepreneurial spirit
Episode Highlights:
[13:45] Don’t Hesitate to Bet on Yourself
Breitling and Poster started their success with a previous business venture in technology, but jumping into hotels and casinos was a whole new ballgame. They faced a lot of challenges along the way and had to be fully invested in their vision and in themselves in order to be successful. They had to impress the banks, the sellers, the patrons, and the whole industry that they had what it takes to take the casino to the next level.
[19:28] Buffer the Cash Flow
When Breitling and Poster bought the hotel and casino, they needed to come up with ways to improve cash flow. First, they gradually increased the room rates over a two-year period. Then, they started booking some quality entertainment and focusing heavily on the younger crowds. This increased the number of visitors and also increased awareness. Thinking outside the box is what will set your commercial property up for success.
[32:31] Entrepreneurial Failures Are Not the End
After betting on the hotel, Breitling made a bet on another company that ultimately failed. The experience was extremely hard on him, but didn’t deter his entrepreneurial spirit. The failed venture taught him the importance of taking risks, of surrounding himself with knowledgeable people, and to believe in well-researched visions of success.
Resources Mentioned:
Double or Nothing: How Two Friends Risked It All to Buy One of Las Vegas' Legendary Casinos
In today’s episode, Pasha and Cody talk with Tom Breitling about his experience building a massive business and then parlaying that exit into purchasing the Golden Nugget in downtown Las Vegas. Though he and his business partner, Tom Poster had no experience owning casinos and faced a lot of red tape from all directions, they still took a leap of faith and placed a huge bet on themselves. From there, they became the youngest (and most successful) casino owners and operators in the state of Nevada. In this episode we talk about Tom’s massive wins and losses on his entrepreneurial path.
Here are some power takeaways from today’s conversation:
The best bets you make are ones you make on yourself
Having skin in the game
Overcoming and conquering failure
Knowing your market and industry protects your downside
What drives Tom and entrepreneurial spirit
Episode Highlights:
[13:45] Don’t Hesitate to Bet on Yourself
Breitling and Poster started their success with a previous business venture in technology, but jumping into hotels and casinos was a whole new ballgame. They faced a lot of challenges along the way and had to be fully invested in their vision and in themselves in order to be successful. They had to impress the banks, the sellers, the patrons, and the whole industry that they had what it takes to take the casino to the next level.
[19:28] Buffer the Cash Flow
When Breitling and Poster bought the hotel and casino, they needed to come up with ways to improve cash flow. First, they gradually increased the room rates over a two-year period. Then, they started booking some quality entertainment and focusing heavily on the younger crowds. This increased the number of visitors and also increased awareness. Thinking outside the box is what will set your commercial property up for success.
[32:31] Entrepreneurial Failures Are Not the End
After betting on the hotel, Breitling made a bet on another company that ultimately failed. The experience was extremely hard on him, but didn’t deter his entrepreneurial spirit. The failed venture taught him the importance of taking risks, of surrounding himself with knowledgeable people, and to believe in well-researched visions of success.
Resources Mentioned:
Double or Nothing: How Two Friends Risked It All to Buy One of Las Vegas' Legendary Casinos
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