Golden Entertainment has announced it has completed the sale of its distributed gaming operations in Nevada to an affiliate of J&J Ventures Gaming.
J&J Gaming has acquired Golden Entertainment’s Nevada distributed gaming operations for cash consideration of approximately $213.5m, subject to customary working capital and other adjustments, plus purchased cash (cash and cash equivalents related to such operations at the time of closing) of approximately $37.5m.
For this transaction, Latham & Watkins LLP acted as legal counsel to Golden Entertainment.
Golden Entertainment and J&J Gaming have already worked together on one transaction in the past year, as the operator sold its Montana distributed gaming operations in September 2023 to an affiliate of J&J Gaming.
Within its third quarter financial report in November, Golden Entertainment’s CEO and Chair, Blake Sartini, stated that the divestments such as the Montana sale has given the company financial flexibility in 2024.
“Following our divestiture of Rocky Gap Casino Resort in July, we completed the sale of our Montana distributed gaming business in September and we remain on track to complete the sale of our Nevada distributed gaming business at the end of the year,” Sartini said at the time.
“The completion of these transactions significantly strengthens our balance sheet, enables return of capital to shareholders and provides financial flexibility to enhance shareholder value.”
