Lyle Berman was born Aug. 6, 1941, in Minneapolis, Minnesota. He attended the University of Minnesota and graduated with a degree in business administration while working for Berman Buckskin, his father's leather business. He had the unpleasant task of preparing animal skins for production. The family built an empire of leather-good stores across the country, and in 1979 sold it to WR Grace, although Berman remained president and CEO. Later, he bought the business back, then sold it again for a hefty profit to Melville Corporation. They called it Wilson's Leather. From 1994 to 2000, he was the chairman of the Rainforest Café chain of restaurants and retail stores.
In 1990, Berman was a co-founder of Grand Casinos Inc., a company that sought to create gambling establishments outside Las Vegas and Atlantic City. He discovered that it was possible to build casinos on barges rather than limiting them to occupying boats. When Grand Casinos Native American Casino Holdings spun into Lakes Entertainment Inc., he served as CEO. Berman is now the chairman of the board of the World Poker Tour. He was inducted into the Binion's Poker Hall of Fame in 2002. He won the B'nai B'rith Great American Traditions award in 1995, and was Gaming Executive of the Year in 1996.
Berman enjoys high-stakes cash games and currently resides in Plymouth, Minnesota.
