Fame
& Fortune: Mickey Gilley
No money headaches today
| | |
| 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! | 
