Connect with us
SOFTSWISS

Gambling in the USA

Golden Entertainment to Acquire Two Laughlin, Nevada Casino Resorts

Published

on

Golden Entertainment to Acquire Two Laughlin, Nevada Casino Resorts
Reading Time: 5 minutes

July, 2018 – Golden Entertainment, Inc. announced that it has entered into a definitive agreement with Marnell Gaming LLC, to acquire the Edgewater Hotel & Casino Resort and the Colorado Belle Hotel & Casino Resort in Laughlin, Nevada. The purchase price will be based on an 8.0x multiple of the combined trailing twelve months adjusted EBITDA of both properties as of November 2018, with a minimum price of $168 million and a maximum price of $190 million. Including expected cost synergies and cash acquired, the purchase price is expected to represent an implied trailing twelve months adjusted EBITDA multiple of 6.5x.

The purchase consideration will consist of $155 million of cash and the balance in restricted stock issued at a price of $28.54 per share.

The transaction will be financed with incremental debt under the Company’s credit facility and cash on hand. Pro forma for the transaction, the Company’s net leverage is expected to be below 5x at closing. The Company expects the acquisition to be cash flow positive and immediately accretive to operating results.

Blake Sartini, Chairman and Chief Executive Officer of Golden, said, “The acquisition of the Edgewater Hotel & Casino Resort and the Colorado Belle Hotel & Casino Resort provides us with an exciting opportunity to expand our portfolio to nine wholly-owned casino resorts in Southern Nevada, solidifying our presence in this growing and attractive gaming market. The transaction is consistent with our strategy to grow our business in an accretive manner for shareholders and Golden is uniquely positioned to benefit immediately from cost synergies related to the acquisition of these properties.”

The Edgewater Hotel & Casino Resort and the Colorado Belle Hotel & Casino Resort collectively feature over 1,400 slot machines, 40 table games and 2,150 hotel rooms. The properties also feature eleven restaurants and dedicated entertainment venues including the Laughlin Event Center. The Laughlin Event Center is an outdoor arena with 12,000 seats and hosts multiple headline concerts and other events throughout the year. The two properties are adjacent to Golden’s current Laughlin property, the Aquarius Casino Resort, which features over 1,200 slot machines, over 30 table games and almost 2,000 hotel rooms. When combined, these three properties will be situated on 55 contiguous acres along the heart of the Laughlin Riverwalk.

Mr. Sartini added, “The Marnell family has a long history in the gaming industry including, designing, building and owning some of the most iconic resorts that now define the Las Vegas resort corridor. Over the past several years, Marnell Gaming has taken their expertise and created a significant hotel, casino and entertainment presence in Laughlin, and we are excited to build on these well positioned properties. As a result of this transaction, I am pleased to welcome Anthony Marnell III as a shareholder of Golden Entertainment.”

The transaction is expected to close in the first quarter of 2019, subject to customary closing conditions and the receipt of all required regulatory approvals.

Latham & Watkins LLP served as legal advisor to Golden Entertainment for the transaction. Holland & Hart LLP served as legal advisor to Marnell Gaming.

 

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected impact of the acquisition of Edgewater Hotel & Casino Resort and the Colorado Belle Hotel & Casino Resort on the Company’s operations and statements regarding the anticipated timing of closing of the acquisition. These statements can be identified by the use of forward looking terminology such as “expects,” “believes,” “estimates,” “projects,” “intends,” “plans,” “seeks,” “may,” “will,” “should” or “anticipates” or the negative or other variations of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Although the Company believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business, there can be no assurance that actual results will not differ materially from our expectations. Meaningful factors that could cause actual results to differ from expectations include, but are not limited to, risks related to the acquisition of the Edgewater Hotel & Casino Resort and the Colorado Belle Hotel & Casino Resort operations by the Company and the integration of the business to be acquired; the possibility that the proposed transaction does not close when expected or at all because required regulatory or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; potential litigation challenging the transaction; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or issues arising from, the integration of the companies; our ability to realize potential synergies or projected financial results; and other factors as discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the United States Securities and Exchange Commission. The Company does not intend to update publicly any forward-looking statements except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur.

 

Non-GAAP Financial Measures

To supplement the Company’s and the property’s financial information presented in accordance with United States generally accepted accounting principles (“GAAP”), the Company uses Adjusted EBITDA, which the Company believes is appropriate to provide meaningful comparison with, and to enhance an overall understanding of, the Company’s and the property’s financial performance. The Company believes Adjusted EBITDA provides useful information to both management and investors by excluding specific expenses and gains that the Company believes are not indicative of core operating results. Further, Adjusted EBITDA is a measure of operating performance used by management, as well as industry analysts, to evaluate operations and operating performance and is widely used in the gaming industry. Other companies in the gaming industry may calculate Adjusted EBITDA differently than the Company does.

The presentation of this additional information is not meant to be considered in isolation or as a substitute for measures of financial performance prepared in accordance with GAAP.

The Company defines “Adjusted EBITDA” as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, acquisition expenses, loss on disposal of property and equipment and other gains and losses. The Company defines “net leverage” as total debt less cash, divided by Adjusted EBITDA for the twelve months prior to the measurement date.

 

About Golden Entertainment, Inc.

Golden Entertainment, Inc. owns and operates gaming properties across two divisions – resort casino operations and distributed gaming. The Company operates approximately 16,000 gaming devices, 116 table games, 5,168 hotel rooms, and provides jobs for over 7,000 team members. Golden Entertainment owns eight resort casinos – seven in Southern Nevada and one in Maryland. Through its distributed gaming business in Nevada and Montana, Golden Entertainment operates slot machines at over 1,000 locations and owns nearly 60 traditional taverns in Nevada. The Company is licensed in Illinois to operate video gaming terminals. Golden Entertainment is focused on maximizing the value of its portfolio by leveraging its scale, leadership position and proven management capabilities across its two divisions. For more information, visit www.goldenent.com.

Advertisement Kasynos.Online

Gambling in the USA

Gaming Americas Weekly Roundup – October 11-17

Published

on

Reading Time: 2 minutes

Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news, new partnerships and new appointments. Read on and get updated.

Latest News

Penn National Gaming has received approval from the Minister of Canadian Heritage under the Investment Canada Act for its acquisition of Score Media and Gaming. The acquisition is expected to be closed on 19 October 2021.

Sharp Alpha Advisors announced last week the final closing of Sharp Alpha Fund I, an oversubscribed $10 million venture capital fund investing in early stage sports betting technology companies.

Online gambling has reached Connecticut, on a limited basis. A soft launch of online sports betting and gaming has begun in Connecticut on October 12. This soft launch allows several hundred people to open accounts to wager for a seven-day period.

Terry Glebocki has resigned as CEO of Atlantic City’s Ocean Casino Resort. Glebocki’s exit reduces the number of female casino bosses after an unprecedented wave of female leadership. Just over a year ago, four of the city’s nine casinos were led by women, but two have since left.

Rush Street Interactive has soft launched a new PlaySugarHouse online sportsbook in partnership with Connecticut Lottery Corporation. From October 12 up to the full launch, 750 customers across the state can register and place bets at www.PlaySugarHouse.com and experience RSI’s award-winning sports betting platform, on a first-come-first-serve basis. Once the 750-player limit is reached, customers who pre-register at www.PlaySugarHouse.com will be added to a waiting list and notified as soon as the full launch is authorised.

NOVOMATIC Americas has showcased an extensive portfolio of products at the G2E 2021. At the centre of the product presentation stood the extended Progressives offer, premiering the new ULTRA BOOST Link. This multi-level Linked Progressive comprises three roaring 50-line titles: the magnificent Great American Buffalo, the iconic Great American Eagle and the Asian title Tiger Storm.

New Partnerships

Leading sports gamification company Low6 has announced a partnership with the NFL franchise Cincinnati Bengals. The deal between the UK-based gamification company and the NFL team from Ohio will see the release of free-to-play games “Bengals Picks” and “Ultimate Bengals”.

DraftKings has announced that it has agreed to a deal with the National Hockey League to become an Official Sports Betting, Daily Fantasy Sports and iGaming Partner of the league in the US. To complement the deal, DraftKings has also reached an agreement with Turner Sports, including Bleacher Report, to be the exclusive sportsbook and daily fantasy sports provider for their coverage of the NHL.

New Appointments

Nevada Governor Steve Sisolak has appointed retired Clark County Judge Jennifer Togliatti and former State Senator Ben Kieckhefer to the Nevada Gaming Commission. Togliatti will serve as chair – and will be the first female to serve as the chair. Togliatti has served the State of Nevada in the state judiciary for more than 25 years and has significant legal, administrative and legislative experience. Kieckhefer has spent the last decade serving in the Nevada State Senate, where he has spent time working on legislation on complex and contentious issues.

New Acquisition

Real estate firm EKN Development Group has acquired the Tahoe Biltmore Lodge & Casino located in Crystal Bay, Nevada.

Continue Reading

Gambling in the USA

Gaming Americas Weekly Roundup – October 4-10

Published

on

Reading Time: 2 minutes

Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news, new partnerships and new appointments. Read on and get updated.

Latest News

SW Nordic Limited, a subsidiary of Betsson, has completed the acquisition of Inkabet’s B2C online gambling business, a rapidly growing sportsbook and casino business targeting the western region of South America.

The mobile cash payments platform PayNearMe has launched a new platform named “MoneyLine” to manage the complexities of iGaming money movement.

Scientific Games Corporation has signed a definitive agreement to acquire ACS’s cashless table game solution titled PlayOn. The PlayOn cashless product line conveniently provides players with a seamless debit solution at live table games.

DraftKings, a leader in the digital sports entertainment and gaming industries, announced its latest, state-of-the-art office location to be based out of Las Vegas, where the company expects to eventually have an expanded team of more than 1000 employees.

Betfred Sports has launched a new OpenBet-powered retail sportsbook in Louisiana through a partnership with Paragon Casino Resort. The Betfred Sportsbook inside The Draft Room at Paragon Casino Resort, Marksville, is the first retail venue in the state to allow customers to place legal wagers on a variety of sports.

Comanche Nation Entertainment of Lawton Oklahoma has chosen Table Trac’s CasinoTrac casino management system for its new Comanche Cache Casino currently under construction in Cache, Oklahoma.

Following the signing of an exclusive agreement to distribute the game in the US, TCSJOHNHUXLEY has debuted Richer Spin Roulette at this year’s G2E.

Partnerships

Sightline Payments and Konami Gaming have partnered to bring cashless gaming solutions to Resorts World Las Vegas via Sightline’s Play+ digital payments technology and Konami’s SYNKROS casino management system.

Genius Sports has entered into a new partnership with Hard Rock Digital. As the premier mobile and desktop sports betting brand, Hard Rock Digital will have access to Genius Sports’ leading suite of sportsbook solutions, including official sports data from tens of thousands of events per year, customer acquisition and retention tools, and immersive fan engagement solutions.

The PGA TOUR and PointsBet announced a three-year extension of their multi-year content and marketing relationship designating PointsBet an Official Betting Operator of the PGA TOUR.

Genius Sports Limited has announced a new supplier agreement with PointsBet, a top-tier global online gaming operator, to provide its full range of official sportsbook data, content, and fan engagement solutions including for NFL, NASCAR and EPL.

The Esports Awards has announced Expedia, one of the world’s leading full-service travel brands, as the Official Travel Companion of the 2021 Esports Awards.

Appointments

International Game Technology has appointed Joe Asher as President of Sports Betting. Reporting to Enrico Drago, IGT CEO Digital & Betting, Asher will lead the ongoing expansion of the IGT PlaySports sports betting business in North American markets.

Flutter Entertainment has appointed Amy Howe as CEO of FanDuel. Amy joined FanDuel in February 2021 as President with responsibility for leading the company’s core commercial functions across its Sportsbook, Casino, Racing and Daily Fantasy businesses. She was appointed as Interim CEO in July.

Wynn Resorts’ online sports betting and iGaming brand WynnBET has appointed gaming industry veteran Ian Williams as its new Chief Operating Officer.

Continue Reading

Gambling in the USA

Gaming Americas Weekly Roundup – September 27-October 3

Published

on

Reading Time: 2 minutes

Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news, new partnerships and new appointments. Read on and get updated.

Latest News

GeoComply Solutions has announced that Gold Strike Casino Resort in Tunica, Mississippi has become the state’s first commercial operator to offer on-premise mobile sports betting via BetMGM across their entire casino floor and restaurants. The BetMGM mobile app utilises GeoComply’s on-premise mobile solution PinPoint which enables fast and reliable wagering while on the Gold Strike casino property.

Endeavor Group Holdings has entered into an agreement to acquire OpenBet, a leading content, platform and service provider to the sports betting industry, from Scientific Games Corporation for $1.2 billion paid through a combination of cash ($1 billion) and Endeavor’s Class A common stock ($200 million).

International Game Technology has announced that its U.S. market-leading PlaySports platform will power sports betting at Angel Of The Winds Casino Resort in Washington State.

The Mashantucket Pequot Tribal Nation and DraftKings Inc. announced that retail sports betting in Connecticut begun on September 30 at Foxwoods Resort Casino.

The Texas Lottery has reported $8.107b in sales for the 2021 fiscal year, an increase of 20.9% or $1.403bn from 2020. The Lottery, in its 30 anniversary year, said it made a $1.998bn in contribution to public schools and veterans in the state.

Partnerships

EvenBet Gaming has entered into a partnership with Caleta Gaming. As per the deal, Caleta’s full portfolio including video bingos, kenos, slots, scratchcards and lotto games have been integrated at EvenBet platform.

Leander Games has entered into a partnership with ODDSworks. The collaboration will see ODDSworks utilise Leander’s LeGa remote gaming server platform in the US.

International hosting supplier Internet Vikings has announced a long-term partnership with PlayStar Casino in the United States. They will support the Swedish online casino operator’s advances into the U.S. market by providing them with bespoke iGaming-specific hosting services in New Jersey.

FanDuel Group and Port Madison Enterprises announced plans to bring America’s #1 Sportsbook to the state of Washington. FanDuel Group will form an exclusive partnership with the Suquamish Clearwater Casino Resort to bring retail sports betting to the state of Washington.

Gaming Realms has signed a commercial deal with 4ThePlayer.com. The deal will see 4ThePlayer games integrated onto Gaming Realms’ platform for distribution in the US.

Strendus, the Mexican-facing online betting and gaming brand of Logrand Entertainment Group, has become the Official Sponsor of LaLiga in Mexico.

Elys Game Technology Corp and New York State Restaurant Association (NYSRA) announced the entry into a Memorandum of Understanding (MoU) that expresses a joint interest in promoting and facilitating opportunities for food and beverage establishments to participate in the State’s sports betting industry.

Playtech has secured a multi-state agreement in the US with Kindred Group’s Unibet Interactive. Under the agreement, Playtech will provide its award-winning RNG Casino software to Unibet in New Jersey, with further states to follow in the coming months.

Appointments

FanDuel Group has appointed sports radio and television personality and problem gambling advocate Craig Carton as its first national responsible gaming ambassador.

Gaming Arts has Promoted Jean Venneman, the Company’s current Chief Commercial Officer, to the role of Chief Operating Officer.

Continue Reading
Advertisement
NSoft
Advertisement
EvoPlay
Advertisement
Kasyno Online na HEX Polska

Subscribe to our News via Email

Enter your email address to subscribe to our news and receive notifications of new posts by email.

Trending

Notice for AdBlock users

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