Golden Entertainment

Golden Entertainment
Public
Traded as NASDAQ: GDEN
Industry Gaming
Predecessor
Founded 2015
Headquarters Enterprise, Nevada
Key people
 Blake Sartini (CEO)
Brands PT's
Owner
Number of employees
 2,500 (2015)[3]
Website goldenent.com

Golden Entertainment is a gaming company based in Enterprise, Nevada that operates casinos, taverns, and slot routes. It was formed in 2015 by the merger of Golden Gaming (founded in 2001 by Blake Sartini) and Lakes Entertainment. It is the largest tavern operator and largest slot route operator in Nevada.[4][5]

History

Golden Gaming was formed in October 2001 as a result of Blake L. Sartini's acquisition of Southwest Gaming Services, a company he founded before selling to Station Casinos.[6]

In 2002, the Golden Tavern Group subsidiary was formed, and it acquired the PT's chain of taverns.[7]

In 2004, the company acquired its three casinos in Black Hawk, Colorado: the Golden Gates, Golden Gulch, and Golden Mardi Gras.[8]

On July 5, 2006 Golden Gaming announced plans to acquire the Pahrump Nugget Hotel & Gambling Hall from Generation 2000. The sale received approve from the Gaming Commission on October 19, 2006.[9]

In February 2007, Golden began a two-year deal to operate the casino at the Hard Rock Hotel while its new owner, Morgans Hotel Group, applied for a gaming license.[10] Golden paid $20.7 million a year to lease the casino, and received a $3.3 million monthly management fee, plus a portion of revenue.[10] Golden pulled out of the deal early when Morgans received its gaming license in January 2008, citing a desire to focus on its other operations.[10][11]

Golden Gaming agreed in November 2007 to buy the Saddle West casino in Pahrump from Anthony Marnell III and Sher Gaming, but canceled the deal the following June, deciding instead to focus on the Pahrump Nugget, where it began an $11 million expansion and remodeling.[12]

In 2010, Golden Gaming agreed to take over operation of four small casinos owned by The Siegel Group, previously operated by United Coin: the Gold Spike, Siegel Slots and Suites, the Resort on Mount Charleston, and Rumor.[13]

In March 2012, Golden bought from Affinity Gaming the Terrible's Town Casino and Terrible's Lakeside Casino & RV Park in Pahrump and Affinity's slot route operation (except for Terrible Herbst locations).[14][15] The deal made Golden the largest employer and largest gaming operator in Nye County, and the largest slot route operator in Nevada, with about 8,500 machines in 650 locations, making up 45% of the market.[4][16] Affinity in turn bought Golden's three casinos in Black Hawk, which were valued at a total of $76–92 million.[4]

Golden Gaming agreed in January 2015 to merge with Lakes Entertainment. Sartini would own 35% of the company and serve as its chief executive officer.[17] The merger was completed on August 3, 2015, establishing Golden Entertainment.[1]

The company purchased a Montana slot route with about 1,000 machines for $20 million in February 2015.[18]

Divisions

Golden Casino Group

Golden Route Operations

Slot route operator with over 7,100 machines in Nevada and 1,000 in Montana

Golden Tavern Group

References

  1. 1 2 Howard Stutz (August 3, 2015). "Golden Entertainment finalizes $341 million gaming industry merger". Las Vegas Review-Journal. Retrieved 2015-08-05.
  2. ↑ Schedule 13-D (Report). Golden Entertainment. July 31, 2015. Retrieved 2015-08-05 – via EDGAR.
  3. ↑ "Golden Entertainment expands tavern portfolio, announces new brewery concept" (Press release). Golden Entertainment. September 17, 2015. Retrieved 2015-10-09 – via Reuters.
  4. 1 2 3 Stutz, Howard (4 March 2012). "Golden Gaming now Nevada's large slot-route operator". Las Vegas Review-Journal. Retrieved 5 March 2012.
  5. ↑ PT's brand grows locally.
  6. ↑ http://lasvegassun.com/news/2002/feb/27/former-station-exec-buying-pts-pubs-chain/
  7. ↑ http://lasvegassun.com/news/2002/feb/27/former-station-exec-buying-pts-pubs-chain/
  8. ↑ http://www.bizjournals.com/denver/stories/2005/01/17/daily53.html
  9. ↑ Associated press on October 20, 2006 by Brendan Riley
  10. 1 2 3 "Golden Gaming to end deal to manage casino". Casino City Times. 7 January 2008. Retrieved 19 October 2011.
  11. ↑ Knightly, Arnold (25 January 2008). "Hard Rock owners given license". Casino City Times. Retrieved 19 October 2011.
  12. ↑ Knightly, Arnold (26 June 2008). "Pahrump Nugget will be expanded". Las Vegas Review-Journal. Retrieved 22 March 2012.
  13. ↑ Stutz, Howard (September 9, 2010). "Golden Gaming division OKs deal to manage four smaller casinos". Las Vegas Review-Journal. Retrieved 2012-08-24.
  14. ↑ Stutz, Howard (22 September 2011). "Las Vegas-based Affinity Gaming shuffles holdings". Las Vegas Review-Journal. Retrieved 26 September 2011.
  15. ↑ Stutz, Howard (1 March 2012). "Las Vegas gaming companies complete transactions involving casinos, slot machine routes". Las Vegas Review-Journal. Retrieved 1 March 2012.
  16. ↑ Stutz, Howard (16 October 2011). "Focused on success, committed to Nevada". Las Vegas Review-Journal. Retrieved 19 October 2011.
  17. ↑ Stutz, Howard (January 26, 2015). "Golden Gaming to merge with Lakes Entertainment, acquire Maryland casino". Las Vegas Review-Journal. Retrieved 2015-01-26.
  18. ↑ J.D. Morris (February 1, 2016). "Golden Entertainment heads into Montana with completion of $20M transaction". Vegas Inc. Retrieved 2016-02-02.

External links

This article is issued from Wikipedia - version of the Thursday, April 21, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.