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


                     February 4, 2005 (February 3, 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

            On February 4, 2005, Poster Financial Group, Inc. ("PFG")
announced that it had entered into an agreement to sell the Golden Nugget
Hotel-Casino Las Vegas to Houston, Texas-based Landry's Restaurants, Inc.
("Landry's") for approximately $140 million in cash, and an additional payment
by Landry's for certain working capital liabilities. Under the terms of the
transaction, PB Gaming, the sole stockholder of PFG, would sell all of the
shares of PFG to LSRI Holdings, Inc. ("LSRI"), a wholly owned subsidiary of
Landry's.

            Pursuant to the terms of the purchase agreement, LSRI deposited
$25,000,000 into an escrow account with Chicago Title of Nevada, Inc., the
escrow agent, as a non-refundable deposit, except as otherwise expressly
provided in the purchase agreement.

            Under the terms of the purchase agreement, PFG's currently
outstanding Senior Secured Notes due 2011 ("Notes") will remain outstanding
obligations of PFG following the closing. The consummation of the sale will
result in a change of control of PFG under the terms of the Notes and, as a
result, PFG will be required within 30 days of such change of control to
commence an offer to purchase any of its Notes for 101% of the aggregate
principal amount of such Notes, plus any accrued and unpaid interest. Under
the terms of the purchase agreement, amounts outstanding at closing under
PFG's senior credit facility will be paid off by Landry's or Landry's will
seek consent from the lender under such facility for such amounts to remain
outstanding. A copy of the press release is attached hereto as Exhibit 99.1
and incorporated herein by reference.

            It is anticipated that the transaction will close within the next
twelve months, subject to customary closing conditions contained in the
purchase agreement, including receipt of all necessary governmental, gaming
and other regulatory approvals. The full text of the purchase agreement is
attached hereto as Exhibit 2.1 and incorporated herein by reference.

Item 9.01.  Financial Statements and Exhibits.

            (c)  Exhibits

                 Exhibit 2.1    Stock Purchase Agreement, dated as of February
                                3, 2005, by and among PB Gaming, Inc., as
                                Seller, Poster Financial Group, Inc., LSRI
                                Holdings, Inc., as Purchaser, and Landry's
                                Restaurants, Inc.

                 Exhibit 99.1   Press release announcing sale of the Golden
                                Nugget Hotel-Casino Las Vegas to Landry's
                                Restaurants, Inc. published February 4, 2005.

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

<PAGE>

                                 EXHIBIT INDEX

Exhibit No.

Exhibit 2.1    Stock Purchase Agreement, dated as of February 3, 2005, by and
               among PB Gaming, Inc., as Seller, Poster Financial Group, Inc.,
               LSRI Holdings, Inc., as Purchaser, and Landry's Restaurants,
               Inc.

Exhibit 99.1   Press release announcing sale of the Golden Nugget Hotel-Casino
               Las Vegas to Landry's Restaurants, Inc. published February 4,
               2005.
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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

                     February 4, 2005 (February 3, 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

            On February 4, 2005, Poster Financial Group, Inc. ("PFG")
announced that it had entered into an agreement to sell the Golden Nugget
Hotel-Casino Las Vegas to Houston, Texas-based Landry's Restaurants, Inc.
("Landry's") for approximately $140 million in cash, and an additional payment
by Landry's for certain working capital liabilities. Under the terms of the
transaction, PB Gaming, the sole stockholder of PFG, would sell all of the
shares of PFG to LSRI Holdings, Inc. ("LSRI"), a wholly owned subsidiary of
Landry's.

            Pursuant to the terms of the purchase agreement, LSRI deposited
$25,000,000 into an escrow account with Chicago Title of Nevada, Inc., the
escrow agent, as a non-refundable deposit, except as otherwise expressly
provided in the purchase agreement.

            Under the terms of the purchase agreement, PFG's currently
outstanding Senior Secured Notes due 2011 ("Notes") will remain outstanding
obligations of PFG following the closing. The consummation of the sale will
result in a change of control of PFG under the terms of the Notes and, as a
result, PFG will be required within 30 days of such change of control to
commence an offer to purchase any of its Notes for 101% of the aggregate
principal amount of such Notes, plus any accrued and unpaid interest. Under
the terms of the purchase agreement, amounts outstanding at closing under
PFG's senior credit facility will be paid off by Landry's or Landry's will
seek consent from the lender under such facility for such amounts to remain
outstanding. A copy of the press release is attached hereto as Exhibit 99.1
and incorporated herein by reference.

            It is anticipated that the transaction will close within the next
twelve months, subject to customary closing conditions contained in the
purchase agreement, including receipt of all necessary governmental, gaming
and other regulatory approvals. The full text of the purchase agreement is
attached hereto as Exhibit 2.1 and incorporated herein by reference.

Item 9.01.  Financial Statements and Exhibits.

            (c)  Exhibits

                 Exhibit 2.1    Stock Purchase Agreement, dated as of February
                                3, 2005, by and among PB Gaming, Inc., as
                                Seller, Poster Financial Group, Inc., LSRI
                                Holdings, Inc., as Purchaser, and Landry's
                                Restaurants, Inc.

                 Exhibit 99.1   Press release announcing sale of the Golden
                                Nugget Hotel-Casino Las Vegas to Landry's
                                Restaurants, Inc. published February 4, 2005.
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: February 4, 2005                    By: /s/ Joanne M. Beckett
                                              --------------------------------
                                              Name:  Joanne M. Beckett
                                              Title: Senior Vice President and
                                                     General Counsel
EXHIBIT INDEX

Exhibit No.

Exhibit 2.1    Stock Purchase Agreement, dated as of February 3, 2005, by and
               among PB Gaming, Inc., as Seller, Poster Financial Group, Inc.,
               LSRI Holdings, Inc., as Purchaser, and Landry's Restaurants,
               Inc.

Exhibit 99.1   Press release announcing sale of the Golden Nugget Hotel-Casino
               Las Vegas to Landry's Restaurants, Inc. published February 4,
               2005.