Las Vegas headquartered Golden Entertainment has completed the acquisition of two Nevada based casino resorts, as the company also completes the repurchase of approximately 1.2 million common shares.
The two Laughlin based properties, Colorado Belle and Edgewater, adjacent to the company’s Aquarius Casino Resort, have been completed in a cash and stock transaction from Marnell Gaming.
Taking its total operations to ten casino resorts, nine in Southern Nevada and one in Maryland, that Golden now owns, the firm also operates video gaming devices at nearly 1,000 locations throughout Nevada and Montana, including its wholly-owned Nevada taverns.
The purchase consideration consisted of $155m cash, and approximately 911,000 shares of Golden Entertainment common stock.
Golden paid the cash portion of the purchase price using $10m of cash on hand, and $145m from its existing revolving credit facility.
Prior to the closing, Golden purchased approximately 1.2 million shares in the open market, at an average price of $16.06 under its stock repurchase authorisation.
Blake Sartini, chairman and chief executive officer of Golden Entertainment, commented: “The acquisition of these properties complements our market-leading Aquarius Casino Resort in Laughlin, and grows our portfolio of wholly-owned Southern Nevada casino resorts.
“Golden is excited to integrate the Colorado Belle and the Edgewater, and we welcome their guests and team members to the Golden family.”
Just last week Derek Stevens, who along with brother Greg owns the D and Golden Gate casino-hotels, unveiled plans which will see the construction of Downtown Las Vegas’ first casino resort to be built from the ground up in over three decades, when Circa Resort and Casino opens its doors in late 2020.
Circa is to feature a two-level casino, a three-level, stadium-style sportsbook lauded as the “the largest sportsbook in Las Vegas history”, several bars and restaurants, further details of which are to be revealed over the next 23 months, and a rooftop complete with six pools and a 125ft screen, capable of hosting 4000 people.