A Conversation with Tom Breitling
Q: You and Tim Poster created the merchant model for on-line vacation travel packages that you sold to Expedia, have successfully negotiated multi-million dollar deals, and starred in your own reality show, “The Casino.” What drew you to writing a book?
Tom Breitling: I started writing after Tim and I had made our first big deal for $105 million. In 2002, I was on the board of directors of Expedia, had just left a meeting with chairman Barry Diller, and found myself wondering, “How did I go from being a kid in Burnsville, Minnesota, to sitting on the board of a multi-billion dollar company?” I walked to Central Park and jotted down some notes. My dream had been to be the next Bob Costas, not the next Steve Wynn. I kept a diary of sorts to remember the details of all the incredible things that had happened, from the moment when I met my best friend, Tim Poster, over an $8.00 veal parmigiana sandwich, to the day I left my dream of being a sportscaster and moved to Las Vegas with $100 in my pocket, and beyond. Some of the best times we ever had were in the early days and I wanted to share our amazing journey. It was a fast-paced, wild roller coaster ride from the beginning. We have learned many lessons, we have much more experience, and the stakes are higher now, but the themes of friendship, loyalty, trust, hard work, risk-taking, and entrepreneurship remain as the center of it all.
Q: You place great value on trust in business dealings and believe a man’s word is his bond. What do feel is indispensable for a winning partnership?
Tom Breitling: Tim and I believe that successful businesses are founded on your word and a handshake. Trust and loyalty are very important traits for a winning partnership. You must share the same vision and have complimentary skills sets, and you have to respect each other. We both had a strong work ethic and we were constantly pushing forward to make things happen. Teamwork is an important element. You also need a genuine concern for your partner; you have to care what happens to him, because you have to get through the tough times together.
Q: You and Tim earned your second $100 million by age 35 and people have said that you have the “golden touch.” Do you believe that’s true?
Tom Breitling: Someone had the idea to call this book “The Golden Boys,” and we were not comfortable with that. It sure didn’t look like we had the golden touch when Expedia’s stock went from $34 to $7 a share during the tech meltdown, or when the reviews came in for our TV show at The Golden Nugget. There’s an old saying, “The harder you work, the luckier you get.” So much of what we have done is related to hard work, rather than a Midas touch. We invest in ourselves and in the people in whom we believe. A commonly quoted phrase from Sun-tzu’s The Art of War relates to business in many ways: “Every battle is won before it is fought.” You have to exercise intelligence when building a company, and you have to go into it 100%. Tim and I have succeeded because we have overcome obstacles, gotten up after being knocked down, and worked on ways to get a “yes” after being told “no.” In the end, we persevered and we had good timing. Good timing makes good deals great, and great deals phenomenal.
Q: Your experiences are peopled with some of today’s top business leaders and celebrities, from Steve and Elaine Wynn and Barry Diller to Tony Bennett and Andre Agassi, plus characters who could be straight out of “Ocean’s Eleven.” Can you share one of your favorite anecdotes about your early introduction to these players?
Tom Breitling: I will never forget meeting Steve Wynn. After Tim and I took over the operations of The Golden Nugget, which Steve had owned, we invited him to come to dinner there for his birthday. I was excited because Steve is a legend in the casino industry who has helped create and shape Las Vegas. Acknowledging that we had to love something about the industry because it is so tough, he liked our entrepreneurial zest and encouraged us to think differently, saying that The Golden Nugget needed our youthful energy and personality. Steve is one of the great storytellers and his advice was embedded in his storytelling. He related stories of his early days in the business and having to fire half of his staff for stealing. That shocked us, but he said, “The minute you stop watching a person in gaming, money sticks in the hands of angels. If you’re not diligent, you make thieves of honest people.” He talked about running The Golden Nugget, from assembling the property to hosting Frank Sinatra on its main stage, the same way we were hosting Tony Bennett. Tim and I asked him to re-create a well-known commercial that he had done in the ‘80s with Frank Sinatra and he agreed to be in our ad. Steve basically gave us his blessing, handed us the keys to the joint, and welcomed us to the club of casino owners. It doesn’t get any better than that.