UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934


                     March 4, 2005 (March 4, 2005)
             ------------------------------------------------------
               Date of Report (Date of earliest event reported)


                          Poster Financial Group, Inc.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


          Nevada                    333-114335               56-2370836
-------------------------------------------------------------------------------
(State or other jurisdiction       (Commission              (I.R.S. Employer
   of incorporation)               File Number)            Identification No.)


129 E. Fremont Street, Las Vegas, NV                             89101
-------------------------------------------------------------------------------
(Address of principal executive offices)                      (Zip Code)


Registrant's telephone number, including area code (702) 385-7111
                                                   ---------------


-------------------------------------------------------------------------------
         (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ]  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))


<PAGE>


Item 1.01         Entry into a Material Definitive Agreement.

Item 1.02         Termination of a Material Definitive Agreement.

Item 5.02         Departure of Directors or Principal Officers; Election of
                  Directors; Appointment of Principal Officers.

On March 4, 2005, Poster Financial Group, Inc. (the "Company") and each of the
Company's wholly owned subsidiaries entered into a Separation Agreement and
General Release (the "Separation Agreement") with Maurice Wooden. The
Separation Agreement provides for Mr. Wooden's resignation, effective as of
March 4, 2005, from his position as Chief Operating Officer and a director of
the Company and his resignation from all positions as an officer, director or
manager of the Company, each of the Company's wholly owned subsidiaries and The
Fremont Street Experience Limited Liability Company, a joint venture in which
the Company indirectly holds a 17.65% voting interest and a 50% non-voting
interest (collectively, the "Employer Group").

Under the terms of the Separation Agreement, the Company has agreed to pay Mr.
Wooden a separation payment equal to $1.25 million (the "Separation Payment"),
less all applicable withholdings. Mr. Wooden has agreed to release PB Gaming,
Inc., the Company's parent company, the Employer Group, as well as LSRI
Holdings, Inc. and Landry's Restaurants, Inc., the entities that have
previously agreed to acquire all the issued and outstanding capital stock of
the Company pursuant to a stock purchase agreement dated as of February 3,
2005 (the "Stock Purchase Agreement"), and each of the foregoing entities'
respective parents, subsidiaries and affiliates from all claims arising from
the beginning of time to the date of the Separation Agreement, including but
not limited to claims relating to (i) Mr. Wooden's employment relationship
with the Employer Group, (ii) all positions Mr. Wooden previously held with
the Employer Group, (iii) the termination of Mr. Wooden's employment
relationship and positions with the Employer Group and (iv) all claims arising
under the Employment Agreement, dated as of October 29, 2003, by and between
the Company and Mr. Wooden, which employment agreement has been terminated as
a result of the Separation Agreement.

The Separation Agreement provides that Mr. Wooden, for the period commencing on
March 4, 2005 and continuing until the earlier to occur of the one year
anniversary of the Closing Date (as such term is defined in the Stock Purchase
Agreement) or October 31, 2006 (such period being referred to as the
"Noncompete Period"), shall not be employed by or otherwise associated with any
entity engaged in gaming in the State of Nevada or within a 150 mile radius of
any jurisdiction in which any member of the Employer Group is engaged in gaming
during the Noncompete Period. Mr. Wooden has further agreed that in the event
of his breach of such noncompete obligations, he will immediately become liable
to the Company for a pro rata portion of the Separation Payment.

The Separation Agreement also provides that Mr. Wooden, for the period
commencing on March 4, 2005 and continuing until February 28, 2007, will not
solicit customers, prospective customers or employees of the Employer Group
and, at all times, will not disclose any trades secrets or proprietary or other
confidential information concerning any member of the Employer Group.

The Separation Agreement will become effective on March 12, 2005, following the
expiration of a seven-day statutory revocation period. The full text of the
Separation Agreement is attached hereto as Exhibit 10.1 and incorporated herein
by reference in its entirety.


Item 9.01.        Financial Statements and Exhibits.

         (c)      Exhibits

Exhibit 10.1      Separation Agreement and General Release, made as of
                  March 4, 2005, by and among Poster Financial Group, Inc.,
                  GNLV, CORP., GNL, CORP., Golden Nugget Experience, LLC
                  and Maurice Wooden.



<PAGE>

                                  SIGNATURES


         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                         POSTER FINANCIAL GROUP, INC.


Date: March 4, 2005                       By: /s/ Joanne M. Beckett
                                              --------------------------------
                                              Name:  Joanne M. Beckett
                                              Title: Senior Vice President and
                                                     General Counsel

<PAGE>




                                 EXHIBIT INDEX

Exhibit No.

Exhibit 10.1         Separation Agreement and General Release, made as of
                     March 4, 2005, by and among Poster Financial Group, Inc.,
                     GNLV, CORP., GNL, CORP., Golden Nugget Experience, LLC
                     and Maurice Wooden.
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{"company-data": {"conformed-name": "POSTER FINANCIAL GROUP INC", "cik": "0001278868", "assigned-sic": "7990", "irs-number": "562370836", "state-of-incorporation": "NV"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-114335", "film-number": "05662042"}, "mail-address": {"street1": "129 E. FREMONT STREET", "city": "LAS VEGAS", "state": "NV", "zip": "89101"}}
UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

                     March 4, 2005 (March 4, 2005)
             ------------------------------------------------------
               Date of Report (Date of earliest event reported)

                          Poster Financial Group, Inc.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

          Nevada                    333-114335               56-2370836
-------------------------------------------------------------------------------
(State or other jurisdiction       (Commission              (I.R.S. Employer
   of incorporation)               File Number)            Identification No.)

129 E. Fremont Street, Las Vegas, NV                             89101
-------------------------------------------------------------------------------
(Address of principal executive offices)                      (Zip Code)

Registrant's telephone number, including area code (702) 385-7111
                                                   ---------------

-------------------------------------------------------------------------------
         (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ]  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))
Item 1.01         Entry into a Material Definitive Agreement.

Item 1.02         Termination of a Material Definitive Agreement.

Item 5.02         Departure of Directors or Principal Officers; Election of
                  Directors; Appointment of Principal Officers.

On March 4, 2005, Poster Financial Group, Inc. (the "Company") and each of the
Company's wholly owned subsidiaries entered into a Separation Agreement and
General Release (the "Separation Agreement") with Maurice Wooden. The
Separation Agreement provides for Mr. Wooden's resignation, effective as of
March 4, 2005, from his position as Chief Operating Officer and a director of
the Company and his resignation from all positions as an officer, director or
manager of the Company, each of the Company's wholly owned subsidiaries and The
Fremont Street Experience Limited Liability Company, a joint venture in which
the Company indirectly holds a 17.65% voting interest and a 50% non-voting
interest (collectively, the "Employer Group").

Under the terms of the Separation Agreement, the Company has agreed to pay Mr.
Wooden a separation payment equal to $1.25 million (the "Separation Payment"),
less all applicable withholdings. Mr. Wooden has agreed to release PB Gaming,
Inc., the Company's parent company, the Employer Group, as well as LSRI
Holdings, Inc. and Landry's Restaurants, Inc., the entities that have
previously agreed to acquire all the issued and outstanding capital stock of
the Company pursuant to a stock purchase agreement dated as of February 3,
2005 (the "Stock Purchase Agreement"), and each of the foregoing entities'
respective parents, subsidiaries and affiliates from all claims arising from
the beginning of time to the date of the Separation Agreement, including but
not limited to claims relating to (i) Mr. Wooden's employment relationship
with the Employer Group, (ii) all positions Mr. Wooden previously held with
the Employer Group, (iii) the termination of Mr. Wooden's employment
relationship and positions with the Employer Group and (iv) all claims arising
under the Employment Agreement, dated as of October 29, 2003, by and between
the Company and Mr. Wooden, which employment agreement has been terminated as
a result of the Separation Agreement.

The Separation Agreement provides that Mr. Wooden, for the period commencing on
March 4, 2005 and continuing until the earlier to occur of the one year
anniversary of the Closing Date (as such term is defined in the Stock Purchase
Agreement) or October 31, 2006 (such period being referred to as the
"Noncompete Period"), shall not be employed by or otherwise associated with any
entity engaged in gaming in the State of Nevada or within a 150 mile radius of
any jurisdiction in which any member of the Employer Group is engaged in gaming
during the Noncompete Period. Mr. Wooden has further agreed that in the event
of his breach of such noncompete obligations, he will immediately become liable
to the Company for a pro rata portion of the Separation Payment.

The Separation Agreement also provides that Mr. Wooden, for the period
commencing on March 4, 2005 and continuing until February 28, 2007, will not
solicit customers, prospective customers or employees of the Employer Group
and, at all times, will not disclose any trades secrets or proprietary or other
confidential information concerning any member of the Employer Group.

The Separation Agreement will become effective on March 12, 2005, following the
expiration of a seven-day statutory revocation period. The full text of the
Separation Agreement is attached hereto as Exhibit 10.1 and incorporated herein
by reference in its entirety.

Item 9.01.        Financial Statements and Exhibits.

         (c)      Exhibits

Exhibit 10.1      Separation Agreement and General Release, made as of
                  March 4, 2005, by and among Poster Financial Group, Inc.,
                  GNLV, CORP., GNL, CORP., Golden Nugget Experience, LLC
                  and Maurice Wooden.
SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                         POSTER FINANCIAL GROUP, INC.

Date: March 4, 2005                       By: /s/ Joanne M. Beckett
                                              --------------------------------
                                              Name:  Joanne M. Beckett
                                              Title: Senior Vice President and
                                                     General Counsel
EXHIBIT INDEX

Exhibit No.

Exhibit 10.1         Separation Agreement and General Release, made as of
                     March 4, 2005, by and among Poster Financial Group, Inc.,
                     GNLV, CORP., GNL, CORP., Golden Nugget Experience, LLC
                     and Maurice Wooden.