Golden Ent completes Nevada acquisitions
The company has completed the acquisition of two casino resorts in Laughlin, Nevada.
US.- Golden Entertainment has announced that it completed its acquisition of Colorado Belle and Edgewater from Marnell Gaming in a cash and stock transaction. The company has repurchased approximately 1.2 million common shares pursuant of repurchase authorisation.
The acquisition adds two more casino resorts adjacent to Golden’s Aquarius Casino Resort in Laughlin. Golden Ent now owns ten casino resorts – nine in Southern Nevada and one in Maryland. In addition, Golden also operates video gaming devices at nearly 1,000 locations throughout Nevada and Montana, including its wholly-owned Nevada taverns.
Blake L. 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.”
The purchase consideration consisted of US$155 million cash and approximately 911,000 shares of Golden Entertainment common stock. Golden paid the cash portion of the purchase price using US$10 million of cash on hand and US$145 million from its existing revolving credit facility.
