Lyle Berman

Very few people have reached the level of success of Lyle Berman. He is a "businessman extraordinaire." He's also a poker player – not your average player, but one who has had substantial tournament success and has played in "the biggest game in town" with the toughest players in the world (with good results) for the past 20 years.

Berman's business career started after he graduated from the University of Minnesota. He joined his dad's company (wholesaling to tourist stops, mostly Indian trading posts) in 1965. Leather became popular then, and with Lyle's leadership, the company opened 27 leather stores. He sold them to W.R. Grace in 1979, but was retained as the manager of the company (expanding the business to 200 stores) until it was sold in 1987. He "retired" in 1988. Not long thereafter, he founded the Grand Indian Casinos in Minnesota. Berman stated, "It was because of poker and my association with Jack Binion that I recognized the power of slot machines."

Grand Casinos expanded so much by 1995 that the company was acknowledged as the fastest growing company in America by Fortune magazine, and Berman was honored as the gaming executive of the year. When I asked Lyle what year that was, he quipped, "The year before the Stratosphere opened." The Stratosphere went bankrupt as a property of Grand Casinos.

In 1998, Grand Casinos merged with Hilton (owners of such properties as Caesars Palace and Bally's) to form Park Place Entertainment, the largest casino company in the world with 39 properties. Needless to say, Lyle did very well with this transaction. Here's something ironic: Berman's first trip to Las Vegas was on his honeymoon in 1968. He stayed at Caesars Palace. He said, "Who would have ever thought that I would be part owner of Caesars Palace 30 years later?"

Berman is currently the CEO of Lakes Gaming, Inc. Lakes Gaming is a publicly held company that lends tribes money, helps secure finances for casino properties, and then manages the day-to-day operations of those casinos. Lakes Gaming also owns 17 acres of prime property in Las Vegas on the strip. The business saga for Berman continues.

Berman's poker skills and accomplishments are also impressive. He is a three-time winner at the World Series of Poker. In addition to his three titles (limit Omaha – '89, no-limit hold'em – '92, and deuce-to-seven draw – '94), he has finished second at the WSOP four times. To give you an idea of his poker versatility, those seven finishes came in five different games. He also captured the $5,000 buy-in no-limit hold'em championship at the Hall of Fame Poker Classic (1991). Perhaps the most impressive thing about these results is that Berman doesn't play many tournaments. His record, considering the number of events he has played, is truly amazing.

Berman prefers high-stakes cash games to tournaments, and I do mean high-stakes. Pot-limit Omaha and no-limit hold'em are his favorite games. He considers big-bet poker "real poker." Lyle claims that he doesn't have the patience for tournaments anymore, but like all poker players, he would love to win the $10,000 buy-in world championship at the WSOP. One thing he does have is class. I've never seen him get out of line.

In a recent interview with Berman, I asked him the following questions:

MS: Whom do you admire most in the business world?

LB: I admire self-made men, those who have the vision and willingness to succeed.

MS: Whom do you admire most in the poker world?

LB: Chip Reese. He not only plays every game well, he has the best demeanor of any player I've ever seen.

MS: What are the similarities for success in business and poker?

LB: To succeed at either, you need to process information, maintain discipline, and recognize that all decisions matter. Poker results usually occur within 30 seconds, but in business, they may take years. Nevertheless, there is a ramification for every decision.

MS: Can you tell the true character of a person at the poker table?

LB: Every emotion of a man occurs in 12 hours of poker. You can see his agony, his ecstasy, how he treats people, and how he acts in victory and defeat. So, yes, I think you can tell the character of a person at the poker table.

MS: Do you see poker expanding in casinos?

LB: Certainly, poker is growing in noncasino operations. Poker is not seen as being particularly profitable in a casino, based on value per square foot. Frankly, casinos are mistaken in not recognizing the value of poker to a casino. Upper management simply does not recognize the spillover from poker, and they don't know how to quantify it.

MS: Tell us about your first experience at tournament poker.

LB: Well, I was in Las Vegas in 1984. I won $10,000 shooting dice at Caesars Palace. I then played a $100 poker tournament, with rebuys, at the Stardust. I knocked out Tom McEvoy, who was the reigning world champion at the time. I lost $300 in that tournament, but enjoyed it far more than winning $10,000 shooting dice.

The poker world is a better place because of successful people like Lyle Berman. And for the record, he is arguably the most successful businessman/poker player in the world.

Take care.