Fame & Fortune: Mickey Gilley No money headaches today
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After the Urban Cowboy craze died down, Mickey kept his performing chops up at his successful theater in Branson, Mo.

Then, in October 2003, Gilley's was reborn as "Gilley's Dallas Texas," a 190,000 square-foot entertainment complex. Its slogan: "More urban, less cowboy," because it features a wider selection of musical genres. The new Gilley's contains a 4,000-seat theater featuring national headline acts, a giant amusement arcade, a Wild West Show and rodeo arena, theme restaurants and bars named after some of Mickey's biggest hits, and a retail complex complete with an e-commerce mall at gilleys.com.

Bankrate: Tell me about your latest projects.

Mickey Gilley: Where should I start? After "Urban Cowboy" dried up and people weren't coming to the shows, I came out to Branson. I've been here 14 years. I've had the restaurant 10 years. I opened another restaurant and it's been open a year. My only failure was the restaurant in Myrtle Beach. I kept it open for four years. It was in a tourist town, it was only busy four and half, five months of the year. But the bills kept coming all year.

Bankrate: You've had business savvy for many years, where did you learn that?

Mickey Gilley: I've been lucky. I never really dreamed Branson could be a place I could come and stay and make money. It's been a cash cow for my other projects. It lets me perform. I don't have to pay a performer. Lots of people in Branson have had a tough time of it. My place is usually packed.

Bankrate: Let's talk about that, how so many venues in Branson have closed while yours is a success.

Mickey Gilley: There have been several artists who put their name on the theater. They had backers. They thought that old saying, "Build it and they will come." That is not true in Branson! You have to work it yourself. If it doesn't succeed at first, you can keep at it. These other ones, their backers got tired and pulled the plug. If the owner couldn't make his money back right away, he threw his hands up in the air and said, "That's it!" Ray Stevens also made a good success of it. He sold it, but financed the sale himself. Now, I just read where he's going to be back!

Bankrate: Many celebrities spend their own money and non-celebrities will go into debt to finance a restaurant. Unfortunately, there's a high failure rate. What are your secrets to survival in such a tough business?

Mickey Gilley: I don't own everything, I do have a partner. I try to stay ahead of things, if you know what I mean. I take the money I make and reinvest it. I try to diversify. I pay my bills. I make my money performing. That definitely fills in the gaps, so that I can do the other things!