Connect with us

WINNING COMBINATION - SOFTSWISS develops innovative iGaming software products for online casino, sports betting, and beyond. Our products can be delivered as standalone solutions or combined into a single iGaming Platform.

The future of sports betting: BETBY sportsbook is focused on innovation through deep industry knowledge, state-of-the-art software & endless customization possibilities.

Gambling in the USA

Golden Entertainment closes on $850M deal for Stratosphere, 3 other casinos

Published

on

Golden Entertainment buys Stratosphere owner for $850m
Reading Time: < 1 minute

Gaming properties operator Golden Entertainment has finalised the acquisition of casino holding company American Casino & Entertainment Properties for $850m (€723m).

 

The deal will add three land-based casino properties to Golden Entertainment’s portfolio, including the Stratosphere Casino, Hotel & Tower in Las Vegas, Nevada, in the US.

The purchase consideration consists of $781m in cash and approximately four million shares of Golden Entertainment common stock.

Golden Entertainment financed the cash portion of the deal and also refinanced its existing credit facilities with a new $800m First Lien Term Loan and $200m Second Lien Term Loan.

In addition, the company obtained a new $100m senior secured revolving credit facility to support future organic and strategic growth initiatives.

Our new properties and existing businesses are well positioned to grow as they benefit from Nevada’s continued economic strength, particularly in the Las Vegas market,Golden Entertainment chairman and chief executive Blake Sartini said.

In addition, we have the ability to develop approximately 15 acres of excess real estate surrounding the Stratosphere, which we believe has enormous long-term potential.

Charles Protell, chief financial officer at Golden Entertainment, added: “We believe that our expanded asset base, strong operating discipline and ability to quickly realize synergies will result in increased free cash flow, allowing us to reduce leverage as well as reinvest in our existing businesses and new growth opportunities.

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

Advertisement

Trending (Top 7)

EuropeanGaming.eu is a premier online platform that serves as a leading information hub for the gaming and gambling industry. This industry-centric media outlet reaches over 200,000 readers monthly, providing them with compelling content, the latest news, and deep-dive insights.

Offering comprehensive coverage on all aspects of the gaming sector, EuropeanGaming.eu includes online and land-based gaming, betting, esports, regulatory and compliance updates, and technological advancements. Regular features encompass daily news articles, press releases, exclusive interviews, and insightful event reports.

The platform also hosts industry-relevant virtual meetups and conferences, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - European Gaming is part of HIPTHER. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.