Notes to Table 1
(a) Amounts are on a historical basis and reflect the results of operations for the Golden Nugget Group for the one hundred sixty day period from the Acquisition (January 23, 2004) through June 30, 2004.

TABLE 2
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL DATA
The following unaudited pro forma condensed consolidated statements of operations give effect to the Acquisition and related financing transactions as if they had occurred on January 1, 2003. The pro forma financial statements are presented for information purposes only and are not necessarily indicative of the operating results or financial position that would have occurred if the Acquisition and related financing transactions had been completed as of the dates indicated, nor is it necessarily indicative of future operating results or financial position.
The pro forma adjustments are based on available information and upon assumptions that we believe are reasonable under the circumstances, including the allocation of the purchase price to the assets acquired and liabilities assumed.

                           Unaudited Pro Forma Condensed Consolidated 
                                     Statement of Operations
                               For the Six Months Ended June 30, 2004
                                Historical   Adjustments   Pro Forma
                                ----------   -----------   ---------
                                        (dollars in thousands)

Net Revenues                     $119,543    $14,805 (a)   $134,348

Cost and expenses
Casino-hotel operations            77,074      9,423 (a)     86,497
General and administrative         23,828      2,525 (a)
                                              (1,565)(b)
                                                  78 (c)
                                                  33 (d)
                                                 102 (e)
                                                 (72)(f)     24,930
Management Fee                                   844 (a)
                                                (844)(c)          -
Depreciation and amortization       7,081        472 (g)      7,553
                                ----------   -----------   ---------
Total costs and expenses          107,983     10,997        118,980
                                ----------   -----------   ---------
Operating income                   11,560      3,808         15,368

Other income (expense)
Equity in loss of joint venture      (256)       (26)(a)       (282)
Interest income                        89        (52)(h)         37
Intercompany interest                           (206)(a)
                                                 206 (i)          -
Interest expense                   (8,157)       (66)(j)     (8,223)
                                ----------   -----------   ---------
Other expense                      (8,324)      (144)        (8,468)
                                ----------   -----------   ---------
Income (loss) before income
 taxes                              3,236      3,665          6,901
Income tax provision                            (298)(a)
                                                 298 (k)          -
                                ----------   -----------   ---------
Net income (loss)                  $3,236     $3,665         $6,901
                                ----------   -----------   ---------
 

                           Unaudited Pro Forma Condensed Consolidated
                                     Statement of Operations
                            For the Three Months Ended June 30, 2003
                              Historical                    Pro Forma
                        --------------------                ---------
                          Poster                              Poster
                         Financial    Golden                 Financial
                          Group,      Nugget                  Group,
                           Inc.       Group   Adjustments      Inc.
                        ----------   -------  -----------   ---------
                                      (dollars in thousands)

Net Revenues                  $-     55,176          -       $55,176

Cost and expenses
Casino-hotel operations        -     36,428          -        36,428
General and 
 administrative                -     10,554        325 (l)
                                                   139 (m)
                                                   422 (n)
                                                  (425)(o)    11,015
(Gain) loss on sale of
 assets                        -         (8)         -            (8)
Depreciation and
 amortization                  -      3,485       (230)(p)     3,255
Management fee                 -      3,130     (3,130)(l)         -
                        ----------   -------   -----------  ---------
Total costs and
 expenses                      -     53,589     (2,899)       50,690
                        ----------   -------   -----------  ---------
Operating income               -      1,587      2,899         4,486

Other income (expense)
Equity in loss of joint
 venture                       -       (201)         -          (201)
Interest income                -          9          -             9
Interest expense               -        (14)    (4,019)(q)    (4,033)
Intercompany interest 
 expense                       -       (870)       870 (r)         -
                        ----------   -------   -----------  ---------
Other expense                  -     (1,076)    (3,149)       (4,225)
                        ----------   -------   -----------  ---------
Income (loss) before
 income taxes                  -        511       (249)          262
Income tax provision           -       (163)       163 (s)         -
                        ----------   -------   -----------  ---------
Net income (loss)             $-       $348       $(86)         $262
                        ----------   -------   -----------  ---------
 

                           Unaudited Pro Forma Condensed Consolidated
                                     Statement of Operations
                             For the Six Months Ended June 30, 2003
                            Historical                     Pro Forma
                        ------------------                 ---------
                          Poster                              Poster
                         Financial  Golden                   Financial
                          Group,    Nugget                    Group,
                           Inc.     Group   Adjustments        Inc.
                        ---------- -------- -----------     ---------
                                       (dollars in thousands)
Net Revenues                  $-   116,850            -     $116,850
Cost and expenses
Casino-hotel operations        -    74,875            -       74,875
General and 
 administrative                -    21,361          650 (l)
                                                    278 (m)
                                                    844 (n)
                                                   (878)(o)   22,254
(Gain) loss on sale of
 assets                        -       (40)           -          (40)
Depreciation and
 amortization                  -     6,919         (423)(p)    6,496
Management fee                 -     6,620       (6,620)(l)        -
                        ----------  -------    -----------  ---------
Total costs and
 expenses                      -   109,735       (6,150)     103,585
                        ----------  -------    -----------  ---------
Operating income               -     7,115        6,150       13,265

Other income (expense)
Equity in loss of joint
 venture                       -      (386)           -         (386)
Interest income                -        19            -           19
Interest expense               -       (27)      (8,037)(q)   (8,064)
Intercompany interest 
 expense                       -    (1,754)       1,754 (r)        -
                        ----------  -------    -----------  ---------
Other expense                  -    (2,148)      (6,283)      (8,431)
                        ----------  -------    -----------  ---------
Income (loss) before
 income taxes                  -     4,967         (134)       4,833
Income tax provision           -    (1,560)       1,560 (s)        -
                        ----------  -------    -----------  ---------
Net income (loss)             $-    $3,407       $1,426       $4,833
                        ----------  -------    -----------  ---------

    Notes to Table 2 for 2004 Amounts
    a) Reflects the addition of actual, historical operating results for the Golden Nugget Group for the period during the six months ended June 30, 2004, prior to acquisition by Poster Financial Group (January 1, 2004 through January 22, 2004).
    b) Reflects the elimination of the signing bonuses paid to key executives upon completion of the Acquisition, the cost of which are included in results of operations for the period. Such bonuses are non-recurring in nature and not reflective of
the results of operations on a pro forma basis.
    c) Reflects elimination of the management fee historically charged by MGM MIRAGE for certain corporate functions and for the use of the Golden Nugget name and related trademark. In connection with the Acquisition, Poster Financial Group acquired the rights to the Golden Nugget name and related trademarks; no fee for their use (or amortization of the cost basis) will be incurred. Also reflects the cost of the replacement of corporate functions previously provided by MGM MIRAGE, and
which were included in the management fee, for a period of 22  days prior to the Acquisition (approximately $1.3 million on an annual basis).
    d) Reflects for the period of 22 days, the net increase in base salaries and minimum bonuses for key executives of Poster Financial Group and of the Golden Nugget Group under employment contracts that became effective upon completion of the Acquisition ($555,000 on an annual basis).
    e) The employment contracts also provide for annual incentive bonuses in the event that post-acquisition cumulative EBITDA
       (as defined) exceeds $30.0 million in 2004, $60.0 million in
       2005 and $90.0 million in 2006. The adjustment of $102,000
       represents that portion of an accrual that would have been
       recorded in the first 22 days of the fiscal quarter, prior to
       closing of the Acquisition.

    f) Reflects for a period of 22 days the elimination of (i)
       allocations for certain customer service offices and other MGM
       MIRAGE programs that were not part of the Acquisition ($13,000
       for the period) and (ii) rent expense for slot equipment
       leased from an affiliate, and which were purchased in the
       Acquisition ($59,000 for the period).

    g) Reflects a net increase in depreciation expense and amortization of an intangible asset for the players club, resulting from the impact of purchase price adjustments.
    h) Reflects the elimination of interest earned on funds placed in escrow, pending completion of the Acquisition.
    i) To eliminate 22 days of inter-company interest on the note
       payable to MGM MIRAGE, which note is no longer an obligation
       of the Golden Nugget Group upon the closing of the
       Acquisition.
    j) The Senior Notes were outstanding for the entire quarter. The accompanying adjustment reflects an increase in interest expense, assuming that the $20.0 million term loan taken under the senior credit facility (upon closing of the Acquisition) was drawn as of January 1, 2004.
    k) Reflects elimination of income tax expense for earnings during the period prior to the Acquisition. PB Gaming has elected to be treated as a Subchapter S corporation and has elected to have each of Poster Financial Group, GNLV and GNL treated as a qualified Subchapter S subsidiary for federal income tax purposes. As a result, the owners of PB Gaming will be taxed on the income of PB Gaming, Poster Financial Group and the Golden Nugget Group at a personal level and PB Gaming, Poster Financial Group and the Golden Nugget Group generally will not be subject to federal income taxation at the corporate level.

    Notes to Table 2 for 2003 Amounts
    l) Reflects elimination of the management fee historically charged by MGM MIRAGE for certain corporate functions and for the use of the Golden Nugget name and related trademark. In connection with the Acquisition, Poster Financial Group acquired the rights to the Golden Nugget name and related trademarks; no fee for their use (or amortization of the cost basis) will be incurred. Also reflects the cost of the replacement of corporate functions previously provided by MGM MIRAGE, and
which were included in the management fee (approximately $1.3
million on an annual basis).
    m) Reflects the net increase ($139,000 on a quarterly basis) in base salaries and minimum bonuses for key executives of Poster Financial Group and of the Golden Nugget Group under employment contracts that became effective upon completion of the Acquisition.
    n) The employment contracts also provide for annual incentive bonuses in the event that post-acquisition cumulative EBITDA (as defined) exceeds $30.0 million in 2004, $60.0 million in  2005 and $90.0 million in 2006. The adjustment of $422,000
represents the quarterly accrual that would have been recorded as pro forma expense because the 2004 target EBITDA was achieved on a pro forma basis for the year ended December 31, 2003.
    o) Reflects the elimination of (i) allocations for certain
       customer service offices and other MGM MIRAGE programs that
       were not part of the Acquisition ($110,000 per quarter) and
       (ii) rent expense for slot equipment leased from an affiliate,
       and which were purchased in the Acquisition ($315,000 and
       $658,000 for the three month and six month period ended June
       30, 2003, respectively).
    p) Reflects a net decrease in depreciation expense and amortization of an intangible asset for the players club, resulting from the impact of purchase price adjustments.
    q) Reflects an increase in interest expense for the Senior Notes and the draw of the term loan under the senior credit facility, including amortization of deferred financing costs.
    r) To eliminate inter-company interest on the note payable to MGM MIRAGE, which note is no longer an obligation of the Company upon the Acquisition.
    s) PB Gaming has elected to be treated as a Subchapter S
       corporation and has elected to have each of Poster Financial
       Group, GNLV and GNL treated as a qualified Subchapter S
       subsidiary for federal income tax purposes. As a result, the
       owners of PB Gaming will be taxed on the income of PB Gaming,
       Poster Financial Group and the Golden Nugget Group at a
       personal level and PB Gaming, Poster Financial Group and the
       Golden Nugget Group generally will not be subject to federal
       income taxation at the corporate level.
Table 3
Reconciliation of Net Income to EBITDA
EBITDA consists of net income plus (i) interest expense, (ii) income tax provision (or less income tax benefit), and (iii) depreciation and amortization expense. EBITDA is presented as a measure of operating performance because we believe analysts, investors and others frequently use it in the evaluation of companies in our industry, in particular for the ability of a company to meet its debt service requirements. Other companies in our industry may calculate EBITDA differently, particularly as it relates to non-recurring, unusual items.
EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to cash flow from operating activities, as a measure of liquidity, as an alternative to net income or as an indication of operating performance or any other measure of performance derived in accordance with GAAP.
The following table provides a reconciliation of net income (loss) to EBITDA (dollars in thousands):
                       Pro Forma                   Pro Forma
                   For the Fiscal Quarter      For the Six Months
                      Ended June 30,              Ended June 30,
                      2003      2004             2003      2004
Net income             $262       $74           $4,833    $6,901
Interest expense      4,033     4,206            8,064     8,223
Income taxes              -         -                -         -
Depreciation and
 amortization         3,255     4,312            6,496     7,553
                     ------    ------          -------   -------
EBITDA               $7,550    $8,592          $19,393   $22,677
                     ------    ------          -------   -----