Ponderosa: The Rise and Fall of America's $1.39 Steak Dinner Empire

If you ever slid a brown plastic tray down the rail at a Ponderosa, ordered by number from a kid in a cowboy hat and waited for your steak to come out sizzling, you've probably wondered where they all went. I'm Vincent Thomas, a retired TV and appliance salesman from Allentown, Pennsylvania, and I spent decades on the road eating at these places, including a first date with six dollars in my wallet. Ponderosa once sold a whole steak dinner for $1.39 and grew into the biggest steakhouse chain in America, with nearly 700 restaurants. Today there are only about 15 Ponderosa and Bonanza restaurants left in the whole country. This is the story of how that happened. In this video: How a TV western gave its name to two rival steakhouse chains How Ponderosa made money selling a steak dinner for $1.39 The 1970s boom years and the Rust Belt families who filled the booths Wall Street raiders, the Grand Buffet and a billionaire's borrowed money What happened when Ponderosa and Bonanza ended up under one owner The five things that slowly emptied the dining rooms A visit to one of the last Ponderosas still open in Pennsylvania No gimmicks here, just an old salesman telling you what he saw and what the record shows. If Ponderosa was part of your Friday nights, I think you'll find a few of your own memories in this one. Was it a Ponderosa or a Bonanza in your town? What did you always order? And if one of the last ones is near you, tell me where in the comments. Chapters 00:00 The $1.39 Steak Dinner 02:02 Named After a TV Ranch 04:17 How a $1.39 Steak Made Money 05:19 Broke by 1969, Then the Turnaround 07:04 A First Date With Six Dollars 09:11 The Boom Years of the 1970s 11:38 Gift Certificates in a Hard Winter 13:30 Inside a Ponderosa, Remembered 15:33 The Profits Start Slipping 17:18 Wall Street Raiders and the Grand Buffet 20:26 A First Job Behind the Counter 22:10 A Billionaire, Borrowed Money and Bonanza 25:39 The Night the Lights Went Out 27:57 Five Things That Emptied the Booths 32:40 Bankruptcy and the Last Few Left 35:19 One Last Visit With the Grandkids 38:35 Who Really Killed Ponderosa #Ponderosa #PonderosaSteakhouse #BonanzaSteakhouse #Nostalgia #1970s