Born Michael John Gaughan on the 24th March 1943 in Omaha, Nebraska USA, he is a businessman, best known to the world as the owner of the casino hotel South Point, Las Vegas, which opened in 2005.
Have you ever wondered how rich Michael Gaughan is, as of mid- 2017? According to authoritative sources, it has been estimated that Gaughan’s net worth is as high as $200 million, an amount earned through his successful career as a businessman, which has been active since the ‘60s.
Michael Gaughan Net Worth $200 Million
Michael is the son of Jackie Gaughan, who was also in the gaming business, owning and operating numerous casinos throughout his life, most notably El Cortez. Michael went to Bishop Gorman High School, and after matriculation enrolled at Creighton University and obtained a BS/BA in Accounting. His education didn’t stop there as he continued at the University of Southern California, receiving an MBA degree in Labor Relations.
Michael first came in touch with casinos in 1965, when he became the owner and director of the El Cortez Hotel. Two years later he got his license and became a qualified casino operator. In the next decade, Michael held numerous positions in various casinos, and then in 1979 opened his own resort, named Barbary Coast Hotel and Casino, valued at $11.5 million. After several years of successful management, Michael expanded his kingdom to a second hotel, the Gold Coast Hotel and Casino, in 1986, and then in 1996 opened The Orleans, while in 2003 he opened the Orleans Arena, a multi-purpose venue, used mostly by sports teams, which includes the ice hockey team the Las Vegas Wranglers, and basketball team UNLV Rebels.
Little by little his casino kingdom was expanding and in 2000 he opened another hotel and casino, Suncoast Hotel and Casino, which only further increased his wealth. After years of success in the gaming business, Michael decided to merge with one of the most prominent gaming and hospitality companies – Boyd Gaming Corporation – in 2004, in a deal that was worth $1.2 billion, which increased Michael’s net worth to a large degree, plus with the merge, Michael assumed the position of Director of Boyd Gaming Group. Then in 2006 he bought back the South Coast Casinos for $600 million, and rebranded it to South Point, since when he has expanded with new buildings and casinos, increasing further his net worth.
To speak further of his business endeavors, Michael also owned 1,300 slot machine found at the McCarran International Airport, Las Vegas, a lucrative source of income. Thanks to his success, Michael was inducted into the Gaming Hall of Fame in 2009.
Aside from gambling, Michael was also infatuated by racing; back in the ‘60s he raced in the Mint 400 race which he won. Years later, in 1999 he started South Point Racing, which competed from 1999 to 2007 in Craftsman Truck Series and the NASCAR West Series, for which his son Brendan drove. Other drivers included Steve Park, and Scott Lynch.
Regarding his personal life, Michael is married to Paula, with whom he has four children.
