Mar 29 2008

Book Review: Double or Nothing

by Mark Sedenquist

Double or Nothing: How Two Friends Risked It All To Buy One of Las Vegas’ Legendary Casinos by Tom Breitling with Cal Fussman

Double or Nothing

The books I always remember the longest are those in which the author shares a story about a place or event that draws me into the narrative in a personal way. Whether it’s about battling a white whale or taking a road trip with a poodle named Charley, a great story pulls readers in and takes them on a virtual journey that leaves them wanting more at the end. Double or Nothing: How Two Friends Risked It All to Buy One of Las Vegas’ Legendary Casinos, a new book by Tom Breitling and Cal Fussman, is one of these marvelous books. I devoured this book last night – I read it cover-to-cover in a little over two hours. There was simply no way I was going to put down the book until there were no more pages to turn.

Part of the reason Double or Nothing resonated with me is that, like Tom Breitling and Tim Poster, I launched my first web site in 1996. I lived through what Tom’s friend Ed Borgato called “The Crazy,” when dot com company valuations went through the roof. Of course, this also means I survived the aftermath, when much of the online industry crashed and burned. Two phrases from Double or Nothing really spoke to my own first decade in the Internet world. The first is “take dead aim and hold onto your balls,” and the second, “the money really doesn’t matter.” Does this sound like an exciting story with cliff-hanger suspense? It is, beginning with the first chapter.

Although they each have very different views about decision making and risk tolerance, Tim Poster and Tom Breitling forged a resilient partnership during a unique and exciting period of business history. The authors brilliantly capture the entrepreneurial spirit and the roller coaster emotions that go along with high-powered negotiations and top-level management. But even though most of us are dealing with sums far more modest than the millions Tim and Tom amassed, their story will resonate with anyone who has ever launched a business or even just dreamed about it.

On a concrete level, it’s fascinating to learn about the evolution of Travelscape, the online hotel reservation Web site that Tim and Tom founded. Its eventual sale to Microsoft’s Expedia led to the acquisition and operation of the Golden Nugget Casino hotel. This journey, from hotel reservations to casino ownership, is the arc of Double or Nothing’s story, but the book is much more than a newsreel account. Like an archetypal heroic saga, it’s a classic tale of two friends who conquered challenges to achieve legendary success.

As if that weren’t enough, Double or Nothing also provides a remarkable insider’s view into today’s Las Vegas. Anyone moving here should consider it required reading, and anyone who lives here will appreciate learning the background of many a familiar news story of the last decade. Double of Nothing provides a fascinating look into Vegas megadeals, and — even more enthralling — the people behind the companies that continue to shape the Las Vegas we all think we know.

Having said all this about big buck deals and the inner workings of Las Vegas, I think the real strength of this book is the vivid and moving picture it paints of a real-life friendship and partnership between two starkly different personalities who continue to create wealth in creative ways. I’m blessed to have a similar partnership in my life, and this book has reminded me exactly how rare and special it is, as well as the critical importance of keeping such relationships strong and vital. Far more than just another book about the glitz of Vegas and the glamour of the dot com boom, Double or Nothing reads more like a trip on a raft down the Mississippi—the timeless and engaging tale of two best friends.

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