Michael Gaughan Net Worth
Michael Gaughan Net Worth
Michael Gaughan reportedly is estimated to be worth an estimated $200 Million. Gaughan amassed his fortune through various business endeavors, such as investing in casinos in Las Vegas. His impressive business acumen and strategic thinking contributed greatly to his success; today, he stands as one of the United States’s most highly successful CEOs.
Gaughan was born in Omaha, Nebraska in 1943 to his prominent gambler father who owned multiple casinos. While helping manage them as an assistant manager, Gaughan gained insight into their operations that enabled him to apply them later to his own casino ventures, becoming a multimillionaire as a result.
After being forced out of his native state due to an anti-bookmaking law, he relocated to Las Vegas after the passage of legislation prohibiting legal bookmaking parlors. Starting as a dealer and eventually rising through the ranks as pit boss at El Cortez. Later he went solo, founding Barbary Coast on Flamingo Road before expanding with partners into Gold Coast and The Orleans casinos before eventually selling Coast Casinos off to Boyd Gaming but soon distancing himself from corporate life entirely.
Gaughan then established South Point Racing in 1999, with Brendan driving for him as an NASCAR driver. Unfortunately, however, this team was disbanded in 2007. Alongside his success in casino business, Gaughan has also shown great interest in off-road racing through supporting Walker Evans Racing and Butch Dean Motorsports teams for National Off Road Racing Association competition. Additionally he has hosted awards banquets, tech inspections, contingency sponsor displays at his hotel properties as part of their support for these endeavors.
Michael Gaughan currently owns and operates South Point Hotel and Casino in Las Vegas. Inducted into the Gaming Hall of Fame in 2009, further solidifying his place as one of the leading businesspeople in his field. Michael understands how to maximize profits and create innovative ways of getting maximum return from his investments.
Gaughan enjoys playing golf and spending time with his family – he is married with three children – while also supporting various charitable events each year.
Gaughan has built his professional career around protecting creditors’ rights, particularly secured creditors. His expertise lies in bankruptcy, foreclosure and commercial litigation cases – representing secured lenders, mortgage servicing companies and businesses as clients. He maintains a national practice and maintains offices in New York, Nevada and Arizona. With over 30 years of litigation experience under his belt, he has appeared before numerous courts while being an accomplished speaker on bankruptcy related topics. He is a member of both the American Bankruptcy Association and National Bankruptcy Forum, as well as authoring several articles and blogs on bankruptcy-related topics. Additionally, his bankruptcy work was recently recognized by The Best Lawyers in America with him earning an AV Preeminent rating with Martindale-Hubble.
