Lyle Berman
Encyclopedia
Lyle Arnold Berman is a professional poker
player and business executive.
where he graduated in 1964 with a degree in business administration. He then went to work for his father's leather business, Berman Buckskin. When the business was sold to W. R. Grace in 1979, he stayed on as president
and CEO
. The company was then later sold to the Melville Corporation where it became Wilsons Leather. From 1994 to 2000 he was the chairman and CEO of the Rainforest Cafe chain of restaurant and retail stores.
Berman also played an important role in gaming companies. In 1990 he was a co-founder of Grand Casinos Inc., a company that sought to create gambling establishments outside of Las Vegas
and Atlantic City
. Grand Casinos' Native American
casino holdings were spun off into a new company, Lakes Entertainment Inc., and Berman was named CEO. Additionally, Berman is the chairman of the board of the World Poker Tour
and Pokertek
.
He won the B'nai B'rith
Great American Traditions award in 1995 and the Gaming Executive of the Year award in 1996.
Berman was one of the many investor victimized by the massive Ponzi scheme
of Bernie Madoff, though his actual losses are unknown.
(WSOP) bracelets.
In 2005, Lyle Berman competed in the National Heads Up Championship. He finished in fifth place losing to eventual champion Phil Hellmuth Jr
.
Although he prefers high-stakes cash games, he has as of 2009 won over $2,500,000 in live poker tournaments. His 16 cashes at the WSOP account for $1,446,317 of those winnings. He was inducted into the Poker Hall of Fame
in 2002.
According to the James McManus
book Positively Fifth Street, Berman has bankrolled T. J. Cloutier
in numerous poker tournament
s, including the 2000 WSOP main event, where he finished 2nd. The book All-In is about Berman's life.
Berman currently resides in Plymouth
, Minnesota
and has 4 children.
, and his experiences with designing and developing the World Poker Tour into what it is today.
Poker
Poker is a family of card games that share betting rules and usually hand rankings. Poker games differ in how the cards are dealt, how hands may be formed, whether the high or low hand wins the pot in a showdown , limits on bet sizes, and how many rounds of betting are allowed.In most modern poker...
player and business executive.
Business
Berman grew up in Minnesota and attended the University of MinnesotaUniversity of Minnesota
The University of Minnesota, Twin Cities is a public research university located in Minneapolis and St. Paul, Minnesota, United States. It is the oldest and largest part of the University of Minnesota system and has the fourth-largest main campus student body in the United States, with 52,557...
where he graduated in 1964 with a degree in business administration. He then went to work for his father's leather business, Berman Buckskin. When the business was sold to W. R. Grace in 1979, he stayed on as president
President
A president is a leader of an organization, company, trade union, university, or country.Etymologically, a president is one who presides, who sits in leadership...
and CEO
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
. The company was then later sold to the Melville Corporation where it became Wilsons Leather. From 1994 to 2000 he was the chairman and CEO of the Rainforest Cafe chain of restaurant and retail stores.
Berman also played an important role in gaming companies. In 1990 he was a co-founder of Grand Casinos Inc., a company that sought to create gambling establishments outside of Las Vegas
Las Vegas, Nevada
Las Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
and Atlantic City
Atlantic City, New Jersey
Atlantic City is a city in Atlantic County, New Jersey, United States, and a nationally renowned resort city for gambling, shopping and fine dining. The city also served as the inspiration for the American version of the board game Monopoly. Atlantic City is located on Absecon Island on the coast...
. Grand Casinos' Native American
Native Americans in the United States
Native Americans in the United States are the indigenous peoples in North America within the boundaries of the present-day continental United States, parts of Alaska, and the island state of Hawaii. They are composed of numerous, distinct tribes, states, and ethnic groups, many of which survive as...
casino holdings were spun off into a new company, Lakes Entertainment Inc., and Berman was named CEO. Additionally, Berman is the chairman of the board of the World Poker Tour
World Poker Tour
The World Poker Tour is a series of international poker tournaments and associated television series broadcasting the final table of each tournament. It was started in the United States by attorney/television producer Steven Lipscomb, who served as CEO of WPT Enterprises , the firm that...
and Pokertek
Pokertek
PokerTek , headquartered in Matthews, North Carolina , develops and markets the PokerPro electronic poker table and the Heads-Up Challenge video game, as well as related software applications....
.
He won the B'nai B'rith
B'nai B'rith
B'nai B'rith International |Covenant]]" is the oldest continually operating Jewish service organization in the world. It was initially founded as the Independent Order of B'nai B'rith in New York City, on , 1843, by Henry Jones and 11 others....
Great American Traditions award in 1995 and the Gaming Executive of the Year award in 1996.
Berman was one of the many investor victimized by the massive Ponzi scheme
Madoff investment scandal
The Madoff investment scandal broke in December 2008 when former NASDAQ chairman Bernard Madoff admitted that the wealth management arm of his business was an elaborate Ponzi scheme....
of Bernie Madoff, though his actual losses are unknown.
Poker
Berman has won 3 World Series of PokerWorld Series of Poker
The World Series of Poker is a world-renowned series of poker tournaments held annually in Las Vegas and, since 2005, sponsored by Harrah's Entertainment...
(WSOP) bracelets.
In 2005, Lyle Berman competed in the National Heads Up Championship. He finished in fifth place losing to eventual champion Phil Hellmuth Jr
Phil Hellmuth
Phil Hellmuth is an American professional poker player. He is best known for holding a record 11 World Series of Poker bracelets, for winning the Main Event of the 1989 World Series of Poker and for his temperamental, "poker brat" personality...
.
Although he prefers high-stakes cash games, he has as of 2009 won over $2,500,000 in live poker tournaments. His 16 cashes at the WSOP account for $1,446,317 of those winnings. He was inducted into the Poker Hall of Fame
Poker Hall of Fame
The Poker Hall of Fame is the hall of fame of professional poker playing in the United States. Founded and located in Las Vegas, Nevada, it was created in 1979 by Benny Binion, the owner of the Horseshoe Casino, to preserve the names and legacies of the world's greatest poker players and to serve...
in 2002.
According to the James McManus
James McManus
James "Jim" McManus is an American poker player, teacher and writer living in Kenilworth, Illinois.-Poker and Positively Fifth Street:...
book Positively Fifth Street, Berman has bankrolled T. J. Cloutier
T. J. Cloutier
Thomas James "T.J." Cloutier is a professional poker player from Richardson, Texas. He was inducted into the Poker Hall of Fame in 2006.-Early years:...
in numerous poker tournament
Poker tournament
A poker tournament is a tournament where players compete by playing poker. It can feature as few as two players playing on a single table , and as many as tens of thousands of players playing on thousands of tables...
s, including the 2000 WSOP main event, where he finished 2nd. The book All-In is about Berman's life.
Berman currently resides in Plymouth
Plymouth, Minnesota
As of the census of 2000, there were 65,894 people, 24,820 households, and 17,647 families residing in the city. The population density was 2,002.0 persons per square mile . There were 25,258 housing units at an average density of 767.4 per square mile...
, Minnesota
Minnesota
Minnesota is a U.S. state located in the Midwestern United States. The twelfth largest state of the U.S., it is the twenty-first most populous, with 5.3 million residents. Minnesota was carved out of the eastern half of the Minnesota Territory and admitted to the Union as the thirty-second state...
and has 4 children.
World Series of Poker Bracelets
| Year | Tournament | Prize |
|---|---|---|
| 1989 1989 World Series of Poker The 1989 World Series of Poker was held at Binion's Horseshoe. The 1989 Main Event was won by 24-year-old Phil Hellmuth, defeating defending champion Johnny Chan, and also breaking the record for the youngest player to win the WSOP Main Event . Had Johnny Chan won, he would have tied Johnny... |
$1,500 Limit Betting (poker) In the game of poker, the play largely centers on the act of betting, and as such, a protocol has been developed to speed up play, lessen confusion, and increase security while playing... Omaha |
$108,600 |
| 1992 1992 World Series of Poker The 1992 World Series of Poker was held at Binion's Horseshoe. Among notable participants was actor Telly Savalas of Kojak fame.-Preliminary events:-Main Event:... |
$2,500 No Limit Betting (poker) In the game of poker, the play largely centers on the act of betting, and as such, a protocol has been developed to speed up play, lessen confusion, and increase security while playing... Hold'em |
$192,000 |
| 1994 1994 World Series of Poker -Preliminary events:-Main Event:There were 268 entrants to the main event. Each paid $10,000 to enter the tournament. Since this was the 25th Anniversary of the event, the winner received $1,000,000, plus his/her weight in silver, in celebration of the WSOP's silver anniversary.-Final table:-Other... |
$5,000 No Limit Deuce to Seven Draw Draw (poker) A poker player is drawing if they have a hand that is incomplete and needs further cards to become valuable. The hand itself is called a draw or drawing hand. For example, in seven-card stud, if four of a player's first five cards are all spades, but the hand is otherwise weak, they are drawing to... |
$128,250 |
Publications
Berman co-authored I'm All In : Lyle Berman and the Birth of the World Poker Tour (ISBN 1-58042-176-8) with Marvin Karlins. The autobiography details Berman's life from his childhood to his life as an adult, covering his business ventures, his opinions on poker and Las VegasLas Vegas Strip
The Las Vegas Strip is an approximately stretch of Las Vegas Boulevard in Clark County, Nevada; adjacent to, but outside the city limits of Las Vegas proper. The Strip lies within the unincorporated townships of Paradise and Winchester...
, and his experiences with designing and developing the World Poker Tour into what it is today.